Offset Transactions

How do I fix a mistake, when the item can't be changed directly?

In some cases, you can't just correct an error by redoing the original transaction. For example, if you wrote a check for an incorrect amount and it was cashed, or if the original expense was billed on a time & materials project, changing its amount would screw up other bookkeeping. In those cases you need to enter an offset transaction.

Entering an Offset Transaction

If you accidentally underpaid for a material purchase, follow there steps:

1. Choose Material Purchases from the Costs menu.
2. Use the Find command to locate the original, incorrect purchase.
3. Choose Duplicate Record from the Edit menu.
4. Enter the difference between the original purchase amount, and the correct amount.
5. Hit the Enter key to save the record.

If you accidentally overpaid for a material purchase, follow there steps:

1. Choose Material Purchases from the Costs menu.
2. Use the Find command to locate the original, incorrect purchase.
3. Choose Duplicate Record from the Edit menu.
4. Enter the difference between the original purchase amount, and the correct amount.
5. Click on the Applies To popup field, and choose Credit. That will make the amount negative.
6. Hit the Enter key to save the record.

Further Actions

If the payment method for the offset transaction is Vendor Invoice, it will add (or subtract) from your next billing.

If the payment method is Checking, Goldenseal will create a check or a deposit for the amount of the correction.

If the payment method is Cash or Credit Card, Goldenseal will create a payment or a deposit for the amount of the correction.

If the expense applies to a Time & Materials project, the correction will show up in the next billing.

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