Reverse a bank transfer or cash deposit
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
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.
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.
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.
You create a new transfer in the opposite direction.
Transfer from = Savings account
Transfer to = Current account
Amount = 100.
You check your bank balances. Your current account balance increases to £500. Your savings account balance reduces to £100.
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.