Edit and delete banking concern transactions

This explains how to edit or delete banking company transactions that accept been entered or imported in error. The process will vary depending on the type of transaction and it'southward status.

  • Transactions included on a Typhoon bank reconciliation: Open the reconciliation in progress and remove the tick from any transaction you demand to modify or delete.

    A depository financial institution reconciliation is saved every bit draft when you lot choose Save for Later.

  • Depository financial institution transactions imported from a .CSV file: These are automatically prepare to Cleared and included on a Typhoon bank reconciliation.

    As long equally yous haven't finished the banking company reconciliation, remove the reconciled status and then remove the cleared status, before deleting the transaction.

  • Bank transactions imported from a banking company feed: These are automatically set to Cleared.

    Remove the cleared status, before deleting the transaction.

  • Banking company transfers: As bank transfers affect two bank accounts, a bank transfer can only be deleted if it's not included on a finished bank reconciliation for both bank accounts. If the bank transfer cannot be deleted from both bank accounts, reverse the bank transfer.
  • Transactions included on a finished depository financial institution reconciliation: If the transaction has been included on a finished bank reconciliation, then information technology cannot exist deleted. To articulate the value for the bank business relationship, create a contrary transaction.

  • Payments and receipts with VAT and included on a submitted VAT return: These also cannot be deleted.

    If the VAT return is still a draft (hasn't yet be been submitted to HMRC), so delete the draft VAT render, and then delete the transaction.

    If the VAT return has been submitted, create a reverse transaction to clear the value from the bank business relationship.

Remove the reconciled status

If the transaction has been included on a typhoon reconciliation, open up the reconciliation and find the transaction. Clear the bank check box in the Reconciled cavalcade.

If no transactions are shown when you choose Reconcile, then the reconciliation has been finished and the transaction will need to exist reversed.

  1. Become to Banking, and select the relevant bank account.

  2. Select Reconcile.

  3. All the transactions included in the typhoon reconciliation will show in the tabular array.

  4. Find the relevant transaction and clear the check box in the Reconciled cavalcade.

    To unreconcile everything saved in the draft reconciliation, select the drop-down arrow next to Interest and Charges and choose Unreconcile All Entries.

  5. Save the banking concern reconciliation, select the drop-downwardly arrow next to Cease and cull Salvage for Later.

Remove the cleared status

  1. From Banking, open the relevant bank account.

  2. From Activity tab, select the tick box to the left the transactions you want to delete.

    A toolbar now appears above the list.

  3. On the toolbar, choose More and so Remove Cleared Status.
  4. Select the tick box to the left of the transaction again.
  5. From the toolbar, select the Delete button.

Delete a banking concern transaction

  1. From Banking, select the relevant bank account.

  2. From the Activity tab, select the tick box to the left the transactions you lot want to delete.

    A toolbar at present appears higher up the listing.

  3. From the toolbar, select the Delete push button.

Edit a bank transaction

  1. From Banking, select the relevant bank account.

  2. From the Activity tab, open the transaction you want to edit.

  3. Make the required changes and Save.

Reverse a bank transaction

One time a transaction has been included on a finished banking concern reconciliation, or reported on a VAT render, information technology tin can't exist deleted.

To adjust the values in your bank account, customer or supplier account, or on the VAT return, if applicable, create a reverse or reverse transaction that finer cancels out the incorrect transaction.

Run into an example

You have entered a payment for £120 for some part supplies twice by mistake. Yous didn't notice this straight abroad and it'due south now been included on a VAT return.

  • Your banking concern business relationship balance is now £120 less than it should be.
  • You've declared an additional £20 on your VAT return.
  • When you report on part supplies purchases, it will £100 more than expected.

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

Debit Credit
Bank Account 120
Office Supplies Ledger account 100
VAT twenty

To reverse this and remove the value from your bank business relationship and update the VAT return, enter an Other Receipt with the same date, amount, ledger account and VAT rate.

  • Your depository financial institution business relationship rest is now correct.
  • Your next VAT return will be adjusted by £20.
  • When you report on the purchase of function supplies it will be correct.

If you lot like to know how your ledger accounts are affected, hither is the particular:

Debit Credit
Depository financial institution Account 120
Office Supplies Ledger account 100
VAT 20

Which transaction do I use?

  • Contrary an Other Payment with an Other Receipt .
  • Reverse an Other Receipt with an Other Payment.
  • Opposite a Payment on Account with a Refund.
  • Reverse a Refund with Payment on Account.
  • Reverse a bank transfer with the another opposite depository financial institution transfer.

Reverse an Other Payment or Other Receipt

To opposite an Other Payment, mail a one off refund for the aforementioned bank account, with the aforementioned details.

To opposite an Other Receipt, tape a refund for the same depository financial institution account, with the aforementioned details.

Tin't find a ledger account?

This is usually considering the ledger account is not available for the transaction you're creating.

To assistance reduce errors, you can set ledger accounts and so they can only be selected for certain types of transactions. For example, you might merely want to be able to select expense ledger accounts on payments.

If you lot need to reverse a transaction, you might have to modify this.

  1. From Settings, select Chart of Accounts.
  2. Select the ledger account yous were looking for.
  3. From the Visibility section, select Other Payment or Other Receipt.

If the Payment or Receipt has been used to pay an to a client or supplier invoice or has been included on a VAT return, then yous must raise a credit annotation and upshot a refund. For more information, refer to the post-obit help articles:

  • Create a customer credit notation
  • Create a supplier refund
  • Create a customer refund

Contrary a refund

If a payment on account has been refunded in error, only create a new payment on account with the same details equally the original transaction.

If the refund has been incorrectly matched to a credit annotation, and the credit note should remain outstanding,

  1. Create an invoice with the same details as the credit note
  2. Create a receipt and use it to pay the invoice. The invoice cancels the effect of the credit note and the receipt cancels the refund. You can then create a new credit notation with the same details as the original and this remains outstanding until you demand to refund information technology or allocate it to an invoice.

This ensures that your customer and banking concern accounts are correct and the receipt is included on your next VAT Render which corrects your overall VAT liability to HMRC.

Reverse a banking concern transfer

Here you lot merely enter the transfer in reverse. This cancels out the original transfer. You lot'll still run into both transfers in your banking company reconciliation and Activity listing.

  1. Go to Banking, then select New, and Banking company Transfer.

  2. Complete the following data:

    Paid from Banking concern Account * Choose the banking company account y'all originally transferred the money to.
    Paid into Depository financial institution Account * Choose the bank business relationship you originally transferred the money from.
    Amount Transferred * Enter the amount y'all want to transfer back to the original account.
    Appointment Transferred * Enter the engagement yous used for the original bank transfer.
    Your Reference (Optional) If required, enter a reference for the transfer, for example, correction.
    Description If required, enter a description for the transfer.
  3. Click Save.