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TIP: Farm Funds

Fix Mistakes in Farm Funds Without Voiding Entries

Excerpt from The Complete Guide to Farm Funds

Note: This tip applies to version 11 and earlier.

A common mistake when entering purchases and sales is to post an entry to an incorrect account (rent instead of repairs, for example) or to enter amounts incorrectly (overpay one account and underpay another). One way to fix a mistake such as this is to void the entry and re-enter it correctly. However, some entries are quite detailed and you may not wish to re-enter them. Instead, the entry can be corrected as follows:

1. To correct a payment, select Accounting from the menu bar and choose Payments and Purchases from the drop-down menu. Select Record Payment/Purchase. (Similar entries may be made from Income, Sales and Deposits for corrections that involve sales.) For this example, assume that we mistakenly recorded $50 to Rent Expense that should have been recorded to Repairs Expense.
2. To correct this error, choose the same Vendor from the drop-down list in the Payments and Purchases box.
3. Enter the Date of the transaction.
4. Enter a brief Description explaining the correction being made.
5. Select the same button from the Items Purchased area that was used in the original transaction for the wrong account. In this example, the Other Expense and Payment button was used to enter Rent Expense.
6. Select the incorrect expense account to which the entry was originally recorded. In this example: Rent Expense.
7. Since the amount was previously recorded to the account as a positive number, enter the same number as a negative so that it will be removed. In this example, enter -$50.
8. Click OK to continue.
9. Select the button that relates to the correct account or item. In this example, the Other Expenses and Payments button should be used to enter Repairs Expense.
10. Select the correct account that should have been used. In this example: Repairs Expense.

11. Enter the amount as a positive number. In this example, enter $50.
12. Click OK to continue.
13. Both adjustments will now appear in the Items Purchased area. If all information has been entered completely and correctly, your entry should now balance. Make any changes necessary at this time. Click Record to post your entry.

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