Reversing old general cheques

 

Unlike Trust, with General entries there is no Reverse button and reversals must be entered manually.

 

 

 

 

 

 

You will be able to tick both the original entry and the reversal in the next Bank Reconciliation and they will cancel each other out.

 

By following this method rather than just deleting/altering the original entry, you will avoid old figures being changed.  This is particularly important when you have already reconciled the period in which the original cheque was entered and/or have printed reports and sent them to the accountant or completed your BAS/IAS etc.

 

Note that if your original cheque was a disbursement, this method of reversal will create a credit entry in the Disbursement ledger of the file/s.  If the original entry was a Creditor Payment, you can allocate your reversal to the same General Ledger or File code/s that the Creditor Invoice/s were allocated to.