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In some cases you may be required to reverse a transaction, e.g. you accidentally receipted to the wrong listing/ledger or for the wrong amount. In these instances follow the instructions below.

 

 

Receipts

- A receipt via cash or cheque may be reversed up until it is 'banked'

- Once a cheque receipt has been banked it can be 'dishonoured' at any time as long as the funds from that receipt haven't already been used (i.e. the dishonouring action causes a negative balance)

- A receipt via direct deposit, credit card or EFTPOS can be reversed until marked as Presented in the reconciliation screen or until the period in which it was receipted has been reconciled & closed.

- If the Presented receipt has not been reconciled, it can be unticked in the reconciliation screen and then reversed. Once reconciliation has taken place the receipt cannot be reversed.

- Reversals will be denied if funds from the receipt have already been used

- IBD Receipts are not banked or reconciled. It is assumed funds have been deposited into the IBD account upon receipt. IBD receipts can be reversed as long as the action does not cause a negative balance.

 

Payments

- Payments via cheque, bank cheque or bank instructions can be reversed up until they are marked 'Presented' in the reconciliation screen.

- Payments Via Direct Deposit can be reversed until marked 'Presented' in the reconciliation screen / or until the period in which they were receipted has been reconciled (whichever comes first).

- If the 'Presented' payment has not yet been reconciled, it can be un-ticked in the reconciliation screen and then reversed, but once reconciled, there is no way to reverse the Payment.

- IBD Payments are never reconciled. It is assumed that funds have been dispersed from the IBD account upon recording the payment. IBD payments can be reversed at any time.

 

Instructions:

How to Reverse a Receipt or Payment

How to Dishonour a Cheque (receipt)

 

 

Reverse Transactions - Important Facts

 

• Dishonouring a cheque payment is similar to reversing a transaction, however, the main difference between reversing and dishonouring is related to the timing and the impact on the bank reconciliation.
• If the Reverse button does not appear, the transaction cannot be reversed. This may be because the transaction has already been banked, or has been marked as presented on the reconciliation screen.
• Reversed transactions will not appear on the bank reconciliation, whereas dishonoured cheques will. 
• A receipt via cheque can be reversed up until being banked. After the cheque has been banked, it can be dishonoured at any time as long as the funds from that receipt have not been used. 
• If the dishonour button does not appear, the receipt cannot be dishonoured, most likely because it has not yet been banked.
• The dishonoured cheque will appear in the bank reconciliation, both as a credit to be presented (as part of the banking) and a debit to be presented (when advised the cheque was dishonoured).