Which is more appropriate way to rectify an entry (transaction), entered wrongly into an Oracle Accounting Software?

Correcting Errors : "Never erase an error" 

The method for correcting an error depends on when the error is found.

Just thought throw some light on why this error occurs.The key word here is “future”.

It could be :

Error in a journal entry that is not posted.

Error in posting to the ledger when the journal entry is correct.

Error in a journal entry that is posted.

 Correcting Errors (cont.).

- Mistake discovered.

- Memorandum create for correction

- Journal entry made date of the discovery

- Posted to ledger with correcting error listed in description (in each account affected).

When you get this error, this simply means that all the periods (number of periods in duration) from the accounting rule start date should be defined in accounting calendar (not required to open or future status). Just define that many number of periods in calendar and this error goes away.

Using the option Reverse/Cancel  the entry in an open period.