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Once you have reconciled a bank transfer for either bank account, you cannot edit or delete it.
A cash deposit is when you transfer money from your cash account to another bank account.
If you have entered a bank transfer in error or need to change it
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Enter another opposite transfer. This cancels the original transfer and updates your bank account balances. You'll have two new bank transfers. One for each bank account.
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Don't forget to reconcile both new transfers. This will make sure your starting balances are correct.
How this works
A bank transfer affects two bank accounts. When you reconcile one of the banks, we mark the transfer as reconciled and you cannot edit or delete it.
A reverse transfer updates your bank balances with the opposite amounts.
See an example
Your current account balance is $500. Your savings account balance is $100.
You transfer $100 from your current account to your savings account. This reduces you current account balance by $100, leaving a balance of $400. Your savings account balance increase to $200.
You realise that you cancelled this transfer and now need to delete it. However you already reconciled your current account and included this transfer in error.
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You create a new transfer in the opposite direction.
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Transfer from = Savings account
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Transfer to = Current account
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Amount = 100.
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You check your bank balances. Your current account balance increases to $500. Your savings account balance reduces to $100.
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You reconcile both accounts. The starting balance of your current account is $400. The starting balance of your savings account is $200.
You reconcile the bank transfer for each bank account.
Your starting balances and now correct and ready for you to reconcile again.
Reverse a bank transfer
- From Banking, select New, and Bank Transfer.
- Complete the following information:
- Paid from Bank Account - Choose the bank account you originally transferred the money to.
- Paid into Bank Account - Choose the bank account you originally transferred the money from.
- Amount Transferred - Enter the amount you want to transfer back to the original account.
- Date Transferred - Enter the date you used for the original bank transfer.
- Reference (Optional) and Description - optionally update these.
- Click Save.
You’ve successfully reversed the original bank transfer and can enter it again with the correct details if required.
Related content
- Create a bank transfer
- Reverse a bank transfer or cash deposit
- Delete bank transactions
- Reverse a bank transfer or cash deposit
- How this works
- Reverse a bank transfer
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Page updated: 10 March 2023
