Reversing a bank transaction which has been reconciled

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Posted on by HCSFinance

I have a bank deposit which has been reconciled. We have since realised that this deposit was added to the incorrect customer account. How do i reverse this transaction and apply it to the correct customer account if it has been reconciled. At the moment it is coming up with an error saying the entry is closed.

How do i proceed?

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HCSFinance 5 on at

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RE: Reversing a bank transaction which has been reconciled

That worked. Thank you very much for your help
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Vaishnavi J 3,058 on at

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RE: Reversing a bank transaction which has been reconciled

Hi,

You can use the Undo action on the Bank Acc. Statement page to correct the mistake. When you undo a posted bank reconciliation, the entries will be moved to the Bank Reconciliation page and marked as Open, meaning they are not reconciled. You can then correct the bank reconciliation and post it again.

Once the incorrect entry is opened you can reverse the entry using reverse transaction action in ledger entries and then post the correct entry and reconciled the correct entry

Please note:

In the North American version, to use the Undo feature for posted bank reconciliations and bank statements you must turn on the Bank Recon. with Auto-Match toggle on the General Ledger Setup page. The Undo feature is not available for bank statements posted from bank reconciliation worksheets.

If my answer was helpful to you, please verify it so that other users know it worked. Thank you very much