Reverse a bank transfer or cash deposit

Once you have reconciled a bank transfer for either bank account, you cannot edit or delete it.

A cash deposit is when you transfer money from your cash account to another bank account.

If you have entered a bank transfer in error or need to change it

  • Enter another opposite transfer. This cancels the original transfer and updates your bank account balances. You'll have two new bank transfers. One for each bank account.

  • Don't forget to reconcile both new transfers. This will make sure your starting balances are correct.

How this works

A bank transfer affects two bank accounts. When you reconcile one of the banks, we mark the transfer as reconciled and you cannot edit or delete it.

A reverse transfer updates your bank balances with the opposite amounts.

Your current account balance is $500. Your savings account balance is $100.

You transfer $100 from your current account to your savings account. This reduces you current account balance by $100, leaving a balance of $400. Your savings account balance increase to $200.

You realise that you cancelled this transfer and now need to delete it. However you already reconciled your current account and included this transfer in error.

  1. You create a new transfer in the opposite direction.

    • Transfer from = Savings account

    • Transfer to = Current account

    • Amount = 100.

  2. You check your bank balances. Your current account balance increases to $500. Your savings account balance reduces to $100.

  3. You reconcile both accounts. The starting balance of your current account is $400. The starting balance of your savings account is $200.

    You reconcile the bank transfer for each bank account.

    Your starting balances and now correct and ready for you to reconcile again.

Reverse a bank transfer

  1. From Banking, select New, and Bank Transfer.
  1. Complete the following information:
    • Paid from Bank Account - Choose the bank account you originally transferred the money to.
    • Paid into Bank Account - Choose the bank account you originally transferred the money from.
    • Amount Transferred - Enter the amount you want to transfer back to the original account.
    • Date Transferred - Enter the date you used for the original bank transfer.
    • Reference (Optional) and Description - optionally update these.
  1. Click Save.

You’ve successfully reversed the original bank transfer and can enter it again with the correct details if required.

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