How do I enter a bank reversal

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  • Updated 2 months ago
i have paid a supplier bill on 30/8, then the bank has reversed this payment on 3/9. how do I enter this so the bill changes back to unpaid so i can then pay the bill again. I am using Reckon Accounts Premier 2018. thanks Cathie
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Cathie Simpson

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Posted 2 months ago

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Hi Cathie

Instead of a "Bill Payment", enter the original payment (on 30/08) as a "Write Chq" to the Supplier.  You can post it to the same account as originally (eg Cost of Goods Sold, Stationery etc) 
Leave the tax code column BLANK.

Enter the reversal via "Make Deposit", with the Supplier's name in "Received From" & the "From Account" the same as your Write Chq transaction.  Enter a relevant Memo - eg "Reversal of Incorrect Pymt on 30/08" - & complete the other columns as usual.

TIP: There is a long-term glitch in stand-alone Deposit transactions where the name ("Received From") drops out of the Register & therefore doesn't reflect in the Payee's transactions.
To fix this, go to your Bank Account Register (Double click on the Bank Account in your Chart of Accounts).  You will see this Deposit with the "Payee" field blank.  In that "Payee" field, select/enter the correct name again here then click "Yes" when prompted to record the change.

Now, you will see both the Cheque AND the reversal Deposit under your Supplier's transactions.
The Bill is also still sitting there for you to enter the correct "Bill Payment" when this occurs.

Some choose not to bother making either entry, however my advise is always "Re-create what has actually happened" so that your accounting records are a correct match/reconcile accurately.
(Edited)