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Reverse a bank transfer or cash deposit

Created on  | Last modified on 

Summary

How to reverse a bank transfer or cash deposit when entered in error in Sage Accounting.

Description

A Bank Transfer occurs when money moves between two bank accounts.

A Cash Deposit is when you pay cash into your bank account. On Sage Accounting, you use this option to move money from a cash account to a bank account. For example, you pay cash from till taking into your bank account. 

 NOTE: When you bank reconcile a bank transfer or cash deposit, you can't edit or delete it. You must reverse the transaction instead.

Resolution

Reversing a bank transfer or cash deposit will update the balance on both accounts. You can then create the correct transaction if necessary. 

Reverse a bank transfer

To reverse a bank transfer, create the opposite transaction. 

  1. Go to Banking, choose New, and then select Bank Transfer.
  2. In the Paid from Account field, choose the bank account you want to transfer the amount from.
  3. In the Paid into Account field, choose the bank account you want to transfer the amount to. 
  4. Enter the Amount you want to transfer.
  5. Set the Date Transferred to match the date of the original bank transfer. 
  6. Add a Description and an optional Reference
  7. Select Save

You are now ready to create a new bank transfer if necessary. 

Reverse a cash deposit

To reverse a cash deposit, create the opposite transaction. 

  1. Go to Banking, choose New, and then select Bank Transfer.
  2. In the Paid from Account field, choose the bank account you want to transfer the amount from.
  3. In the Paid into Account field, choose the cash account you want to transfer the amount to. 
  4. Enter the Amount you want to transfer.
  5. Set the Date Transferred to match the date of the original cash deposit. 
  6. Add a Description and an optional Reference
  7. Select Save

You are now ready to create a new cash deposit if necessary. 




Related Solutions

´╗┐Create a bank transfer

Edit or delete a bank transfer