Not able to undo bank reconciliation which has new bank-initiated transactions, such as interest, fees, and charges etc. in posted bank statement?

 

In this blog post, we shall explore features released by Microsoft for advance bank reconciliation reversal. Let us understand this by an example.

Example: We have a bank account SCB for which advance bank reconciliation is ticked and user has posted a bank statement which has already been reconciled. Now user wanted to reverse reconciliation for some reason, below steps will unlock you to reverse reconciliation.

Step 1: Features to be enabled and their usage:

1.    Enable bank reconciliation reversal even new transactions exist in posted bank statement: After enabling this feature, bank reconciliation reversal can be done even when bank statement is posted with new transactions.

 

 
2.    Reverse posted bank statement with new transactions:  After enabling this feature, when user clicks on “Reverse Statement” button, new transactions posted from bank statements will also be reversed.
 

Step 2: Reverse Bank reconciliation:

Navigate to Cash and bank management > Bank reconciliation.

 

 
Now show reconciled statements > Click “Reverse reconciliation” button.

 

 
Click Yes to reverse.

 

 
Bank reconciliation reversal is completed.

 

 
Step 3: Reverse posted bank statement:

Navigate to Cash and bank management > Bank reconciliation > Bank statements.

 

 
Select the bank statement which has new transactions > Click on “Reverse statement” button.

 

 
Select the vouchers to be reversed > Click Reverse button.

 

 
Bank statement has been reversed and the posted tick should be removed.

 

 
Now user can make necessary actions on the reversed bank statement.

That’s all for this blog post. Keep Exploring!!

THANK YOU!