How do I correct a transaction error on Sage?

5 days ago

3 min read

Making a mistake in an accounting transaction happens to even the most experienced users. Whether it's a wrong amount, incorrect date, or wrong account, Sage 50 (formerly Peachtree) gives you several options to correct transaction errors safely and efficiently.

In this article, you’ll learn how to identify, reverse, and correct common transaction errors in Sage 50—step by step.

Common Transaction Errors in Sage 50

Some of the most frequent transaction errors include:

Posting to the wrong GL account
Entering the wrong amount or date
Mistakenly posting a duplicate transaction
Applying a payment to the wrong invoice
Using the incorrect vendor or customer

The method of correction will depend on what type of transaction was entered and whether it has been posted.

Step-by-Step: How to Correct a Transaction Error

1. Void or Reverse the Transaction

If the transaction has already been posted, the safest option is to void or reverse it.

To void a check or payment:

Go to Tasks > Void Checks
Select the check or payment
Click Void

To reverse a journal entry:

Go to Tasks > General Journal Entry
Find the original entry
Click Reverse

Voiding or reversing creates a counteracting entry without deleting the original one—preserving audit trails.

2. Correct Unposted Transactions

If the transaction is still unposted, you can simply edit it:

Go to the transaction window (e.g., Sales/Invoicing, Payments, Receipts)
Find the entry
Click Edit and make the necessary changes
Save the corrected entry

3. Use the “Correct” Option for Sales or Purchase Invoices

Sage 50 has a "Correct" function that simplifies adjustments to posted transactions.

To use it:

Go to Sales/Invoicing or Purchase/Receive Inventory
Click List to find the transaction
Select the entry, then click Correct
Choose whether to edit or create a correcting entry
Save and post

4. Adjust Customer or Vendor Balances

For customer or vendor transaction errors, use:

Receipts to correct customer overpayments
Payments to adjust vendor bills
Credit Memos for returns or adjustments

5. Make a General Journal Entry (Advanced)

For advanced corrections, such as adjusting the trial balance or fixing year-end errors:

Go to Tasks > General Journal Entry
Enter the correcting debit and credit entries manually
Include a detailed description for clarity

Use this method only if you're familiar with accounting principles or advised by your accountant.

Best Practices When Correcting Transactions

Back up your company data before making corrections
Use notes or memos in the transaction for audit purposes
Check reports (GL, journal, aged payables/receivables) after correcting
Always void or reverse rather than deleting posted entries

When to Contact Support

If you're unsure about how to correct a complex transaction—like payroll, inventory, or multi-currency errors—it's best to speak with a Sage support specialist.

Sage 50 Support Helpline: 1-866-238-5180

Get step-by-step help to avoid damaging your financial records.

Conclusion

Correcting a transaction error in Sage 50 is manageable when you follow the right process. Whether you void, reverse, or edit the entry, always prioritize accuracy and audit trail integrity.

Taking a few minutes to fix an error properly will save you time—and stress—during reconciliation or at tax time.

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