Forum Discussion

MCM's avatar
MCM
Experienced Cover User
4 years ago

Reversal Mistake

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 i...
  • Tracey_H's avatar
    Tracey_H
    4 years ago

    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.

Tracey_H's avatar
Tracey_H
Former Staff
4 years ago

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's avatar
    MCM
    Experienced Cover User
    4 years ago

    Hi Tracey

     

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

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