Reversing a Payment

 

A PAYMENT WHICH HAS BEEN POSTED CAN BE DELETED FROM THE DAYBOOK, IF THE VAT RETURN HAS BEEN TAGGED FOR THE PERIOD THIS OPTION WILL NOT BE ALLOWED AND THE PAYMENT WILL HAVE TO BE “REVERSED”.
 
 

BANK >  PAYMENTS

 
 
Payments from                  
 
Select the bank account from the drop down list from which the payment was made (bottom right hand corner of entry screen). It is important that you ensure you are working from the correct bank account at the start.
 
 
Reference
 
This is the original cheque number or the bank statement reference in the case of Direct Debits/Standing Orders of the transaction you are "reversing".  You should also add an extra "cancelled" or "void" to the end of the reference.
 
 
Date                                                            
 
Date as written on the original actual cheque or in the case of Direct Debits/Standing Order the date of transaction per the bank statement
 
 
Supplier / Payee    
 
Choose the original Supplier / Payee as per the original transaction.                                   
 
Nominal Account              
 
If a Supplier is selected from the Supplier listing the Nominal account will default to Trade Creditors, this cannot be changed.  If it is a Payee payment that you are reversing then choose the exact same Nominal Account as the original transaction.
 
 
Amount                                                                  
 
Enter the exact amount of the original cheque or payment as a MINUS figure.
 
 
VAT 
                                                            
In the case of reversing a Payee payment then choose the same VAT rate that was attached to the original payment.
The VAT element will flow through to the VAT report to be included within the Normal VAT Report for the period.
 
 
IF IT IS A CHEQUE WHICH HAS BEEN CANCELLED THEN IT IS NOT ADVISABLE TO DELETE THE ORIGINAL ENTRY BUT SHOULD JUST BE EDITED IN THE DAYBOOK AND THE AMOUNT EDITED TO ZERO, THIS WILL ENSURE THAT A PROPER PAPER TRAIL OF CHEQUES IS MAINTAINED.
  

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