How do I undo a bank transaction?
A Posted bank transaction is undone with Reverse on the toolbar: its journal entries are reversed. A Park one can still be edited or deleted, which also takes the Cleared mark off the cheques.
Steps
- Open the document on Bank Transactions.
- If it is Posted, press Reverse. Give a Reverse Date on or after the Posting Date, a reason and remarks. Each line's journal entry is reversed and the document is marked reversed.
- If it is Park, press Edit or Delete. Removing a line, or deleting the document, removes its journal entries and takes the Cleared mark off the payment or collection line.
What happens
- After Reverse, the cheque keeps its Cleared tick and date on the payment or collection. It is offered again on the Origin Number lookup of a new Bank Transaction.
- After Delete or removing a line, the cheque is no longer cleared.
If something looks wrong
- "Reverse Date: ... cannot be less than Posting Date: ...". Give a later reverse date.
- No Reverse button. The document is still Park: edit or delete it instead.
- A bounced cheque. Reverse the Bank Transaction if it was cleared, then handle the payment or collection in Payables (How do I reverse an invoice or payment?) or Receivables (How do I reverse an invoice or collection?).