I am using an computerized accounting program.I posted to the wrong account I didn't catch it until after I posted it to pay. To correct the error I need to make two transactions--one to remove it from the wrong account and one to add it to the correct account, Is that correct?
submitted by Polly Esther

cheerium

Exactly, you need to undo the mistake by making a transaction that takes it out of the wrong account, and then record it again in the right one. Just make sure you keep track of both entries for audit purposes.

uncle barry

Yes, that's right. You'll want to make a reversing entry or a journal entry to remove the amount from the incorrect account first. Then, record a new entry to post it to the right account.