Summary
How to reverse a bank transfer or cash deposit in Sage Accounting Start.
Description
Once you have reconciled a bank transfer for either bank account, you can't 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
Resolution
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.
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.