Reversal Mistake

[MCM]

Hi

I recently paid a contractor into an incorrect bank account and the payment was bounced back into our trading account.

I completed a reversal, howeve the account applied the reversal too is incorrect and so it doesn't show up in the trading account when I try to complete my bank reconciliations.

I have tried clicking into the reversal, however I am unable to edit the bank account.

Do I re reverse this error and then reverse it again into the correct account.

Urgent help would be greatly apprecited.

[Tracey_H · Accepted solution]

Hi @MCM 

Thanks for your post. Generally speaking, if your reversal has been allocated to another asset type account you could look at recording a Transfer Money transaction. This would allow you to transfer that reversal from the incorrect account to the trading account. Another option would be to record a General Journal, which will have the same affect as the Transfer Money transaction. If you're not sure about either of these I do recommend checking with your accountant.

Or you could look at deleting the reversal transaction and reprocessing that reversal to the correct bank account.

Please let me know if you need further help.

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

[MCM]

Hi Tracey

Thank you so much, I have now completed a transfer of funds and have now been able to reconcile the account.