Edit other receipts

This explains how to amend other receipts. Other receipts are used to record money paid into your bank account that is not being used to pay a sales invoice. Change a other receiptat any time, even when it is reconciled.

How to reverse a receipt

How this works

Edit the receipt make the required changes. If you change the bank account or amount, the relevant bank balance updates.

If you imported the transaction from a bank feed or bank statement, it may no longer match your real bank account once edited.

Reconciled transactions

These are transactions included on a bank reconciliation. On your bank activity, they have a tick in the reconciled column.

The edited transaction stays reconciled, when you change the Reference, Method, Ledger Account, and Date, as long as the date stays within the reconciled period. For example, if the end date of the reconciliation is 31 July, and you change it to any date up to 31 July.

The edited transaction is no longer reconciled when you change the Bank account, Amount, or Date where the date is later than the end date of the reconciliation. For example, if the end date of the reconciliation is 31 July, and you change the date to 5 August. For these transactions

We unreconcile and update the transaction so it is ready for you to check and reconcile again.
To tell you the edited transaction is no longer reconciled, we add a Removed from reconciliation label to the Corrected Transaction column.
We update the starting balance of your next reconciliation, as the edited transaction is no longer reconciled.
On the bank reconciliation page, we show the edited transaction with a Corrected label. This tells you that you edited this since it was reconciled.

Follow an example

The closing balance from your last statement was $1000.
You enter a payment for $500, and reconcile it. Your bank account balance and your reconciled balance is now $500.
After finishing the bank reconciliation, you realise that you entered the payment with the wrong amount. The payment should be $400.
You go to the bank activity and edit the payment.
Your bank balance is now $600, but your reconciled balance is $500.
When you open the competed reconciliation, the payment shows as Removed from reconciliation in the Corrected Transaction column.
To make sure your reconciled balance matches your bank statement, you reconcile the edited transaction.
The Starting Balance is now $1000 as the $500 payment is removed. You reconcile the edited payment. This updates your closing balance to $600.

You are now ready to reconcile your next statement as usual.

Audit trail and reports

When you edit a transaction, we reverse the original transaction and create a new one with a new transaction number. Apart from the audit trail, only the new transaction shows on your reports.

Edit a receipt

From Banking, open the relevant bank account.
From the Bank Activity tab, open the transaction to edit.
Change the details as required and save your changes.

Reconcile the receipt again

If you previously reconciled the receipt, you may need to reconcile it again. Do this when you change the bank account, amount, or date where the new date is later than the end date of the reconciliation.

When you open the reconciliation page, you will see the edited transaction with a Corrected label in the Corrections column.

From Banking, open the bank account you want to reconcile.
Choose the Reconcile link.
Check the Statement End Date. Make sure this is the same as or later than the date of the edited receipt.
Check the Starting Balance. This is now reduced by the amount of the edited receipt. For example, if the starting balance was previously $1000, you edit a receipt for $500, the new starting balance is $500.
The edited payment show with a Corrected label in the Corrected Transactions column. To reconcile the edited receipt, select the check box in the Reconcile column.
Check the Reconciled balance is now correct and the difference is zero.
Select Finish.

The starting balance of your next reconciliation will now be correct.

Edit a recurring receipt

Edit the most recent transactions. Identify this by the recurring symbol .

From Banking, open bank account used for the original receipt.
From the Activity tab, open the most recent transaction.
Edit the receipt and Save.

A receipt with the updated details is created on the next repeat date. Previous recurring receipts remain the same.

Reverse a receipt

Do this when the receipt is included on a VAT return and submitted to (Undefined variable: Terms.HMRC).

To make the necessary adjustments

Create refund to reverse the receipt. This creates an opposite transaction.
Re-enter the transaction with the correct details, if required.

Once saved the refund shows on your next VAT return, reversing the original receipt.

Follow an example

You enter a money you've received for $120 twice by mistake. You don't notice this straight away and it's now been included on a VAT return.

Your bank account balance is now $120 more than it should be.
You've declared an additional $20 on your VAT return.
When you report on Other Income ledger account, it is $100 less than expected.

If you like to know how your ledger accounts are affected, here is the detail:

	Debit	Credit
Bank Account	120
Other Income ledger account		100
VAT		20

To reverse this and remove the value from your bank account and update the VAT return, enter a refund with the same date, amount, ledger account and VAT rate.

Your bank account balance reduces by $120 and is now correct.
Your next VAT return is adjusted by $20.
Your Other Income is $100 less and is correct.

If you like to know how your ledger accounts are affected, here is the detail:

	Debit	Credit
Bank Account		120
Other Income ledger account	100
VAT	20

Create the refund

From Banking, choose the relevant bank account.
Select New, then Purchase / Payment.
Choose Other Payment tab, then the Enter a refund for a sale link.
Enter the details of the transaction you want to reverse.