Reverse Transactions

Sage 300 ERP

Reverse Transactions

Use the Reverse Transactions form to:

  • Reverse a posted payment and the original transaction associated with the payment. (You can also reverse payments using the Reconcile Statements form.)
  • Process returned customer checks and credit card payments, and update Accounts Receivable. (You can return both outstanding and cleared customer payments that originate in Accounts Receivable.)
  • Reverse Bank Services-entered transactions.

    These are entries that Bank Services creates — for example, to record the difference when you clear a transaction with an error or exchange difference.

  • Reverse a single transaction or a range of transactions.

Note: You can reverse a transaction at any time, even during bank reconciliation.

Reversing Receipts and Deposits

When you reverse a receipt, Bank Services creates a withdrawal entry on the Reconciliation tab.

If you reverse a Bank Services-entered deposit, the entire deposit is removed from the tab, unless the deposit was created using a version of Bank Services earlier than version 5.6. (For deposits created in Bank Services 5.5, or earlier, the program creates an entry with Outstanding status for the particular reversed receipt, and displays it on the Reconciliation tab.)

Note: You cannot reverse a Bank Services-entered deposit that has been cleared. To correct the bank balance, process a withdrawal for the same amount as the cleared deposit.

Reversing Payments

When you reverse a payment that was entered in Accounts Receivable or Accounts Payable, Bank Services automatically updates the customer account in Accounts Receivable or the vendor account in Accounts Payable, releasing any paid invoices and changing the status of the payment to Reversed or Returned.

When you reverse a payment that was entered in Payroll, Bank Services updates the employee record in Payroll.

To reverse a transaction

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