Learn how to Reverse a Nominal Ledger Posting in Insight.

When posting to a Nominal Ledger:

Go to: Accounts > Nominal > Find the Nominal Ledger you wish to post from and select one of the posting types below:

N2 – Nominal Debit/Credit

This posting type is used to record funds being paid into or out of the office bank account directly against a nominal ledger account. Depending on the setup of the nominal ledger account, users may have the option to enter a VAT amount and VAT rate. This functionality is available only when the nominal ledger account has been set up as VAT-liable.

To reverse an N2 – Nominal Debit/Credit posting type, if the transaction has not yet been cleared in the Bank Rec, you can delete it in the Transactions Grid.

Check the Bank Rec:

Go to Accounts > Transactions Grid > select your date range > Nominal Ledger > Transaction Type > RUN

 If the transaction has been cleared in the Bank Rec, you need to post a duplicate N2 – Nominal Debit/Credit entry, but instead of a DR, you would do a Cr, and vice versa.

N3 - Nominal Petty Cash

This posting type is used for Payments in or out of the Petty Cash bank.

To reverse this posting type, you need to repost an N3 – Nominal Petty Cash, but as a Dr instead of a Credit or vice versa.

N9 - Nominal Journal

This posting type is used to

• Debit one nominal to credit another nominal
•  Transfers between office banks.

• Or move the money from bank to petty cash.

  

• This posting can be deleted in Transactions Grid if it’s uncleared in the bank.

• If it’s been cleared you need to repost as a Credit instead of a Debit.

  

NV - Nominal VAT

This posting type can only be used with a VAT-liable nominal ledger account and is designed to adjust the VAT liability. It does not affect the office bank account balance; instead, it updates only the VAT liability value reflected on the Trial Balance. This posting type is typically used to correct or adjust VAT amounts without impacting cash movements.

To reverse this posting type, you need to post a NV- Nominal VAT Credit instead of a Debit entry or vice versa.

NL - Nominal Purchase Ledger Invoice

When you receive an invoice from a supplier you will post the invoice to your Purchase Ledger and it’s posted to the nominal.

To reverse a Nominal PL Invoice that was done incorrectly (E.g. without VAT where VAT should have been included) you would:

• Post a Nominal PL Invoice but select Credit instead of Debit. And then redo a new invoice correctly.
• When you go to the PL to Pay the invoice. You can select to include the Debit (incorrect invoice) and the Credit invoice so that it cancels each other out.

• Then proceed to pay the correct invoice.