Outstanding Deposits and Reversals

Ozzie101

I paid a Supplier with a cheque, had to cancel and reverse the cheque; then draw another cheque to make payment. However, the Reversal is sitting in an outstanding Deposit field on the Reconciliation Report, and the original cheque is sitting in the outstanding cheques on the report. The new cheque has been banked and reconciled.

Can I mark the original (Cancelled) cheque and the reversal to clear it out of the reconciliation report? or should this have been down on the same day the cheque got banked and reconciled? 

 

Also secondly: The same thing happened again, Payment to the supplier was made by cheque - had to Cancel and reverse cheque but this time paid by ABA File (electronic payment). The Electronic payment I reconciled as normal, but the original cheque is still sitting in Outstanding cheques and the reversal is in Outstanding deposits – I’m thinking I should have marked both of these as well when I reconciled the electronic payment?

These were all done months ago, but when I go to reconcile today I seem to be able to mark the original cheque and the reversal and it balances – is this the way to fix this? Just not sure if, because it was done a while ago will it affect anything? Or is there another solution to this?

Tracey_H

Hi @Ozzie101 

 

Thanks for your post. You're correct that you can manually tick the matching deposit and withdrawal to remove them from the Reconcile Accounts window. This can be done with all reversals and the original transactions and can be done at anytime. 

 

The reversal has already cleared the amounts from all allocation accounts. Ticking them in the Reconcile Accounts window marks them as reconciled so that they are removed from that window.

 

Please let me know if you need further help.

 

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