Zumzum Financials Knowledge Base
How do I Correct A Bank Payment Or Bank Receipt Entered To The Wrong Bank Account?
If you have entered a bank transaction for a payment or receipt to the wrong bank account, to reverse the transaction, you have the following options for entering corrections:
Reverse An Incorrect Bank Receipt or Bank Payment Transaction
| Bank Transaction | Reverse With |
|---|---|
| Bank Payment | Bank Receipt or Manual Journal |
| Bank Receipt | Bank Payment or Manual Journal |
Correct a Bank Payment to the wrong bank account with a Bank Receipt.
Please follow the instructions on the new Bank Receipt article to enter a bank receipt with the same details for the Bank Payment you wish to reverse. Please ensure you match the original transaction with
- Transaction Date
- VAT Rate
- Bank Account
- Amount
Note: Both transactions should be included in your Bank Reconciliation process.
Correct a Bank Payment to the wrong bank account with a manual Journal entry
- Find the Journal tab
- Click New to create a new journal entry
- Ensure your Date is set to the same date as the transaction you wish to reverse.
- Enter the first journal line item as a Debit and select the nominal code of the bank account with the incorrect transaction recorded against it.
- Enter the second journal line item as a Credit and select the nominal code of the bank account to which you wish to transfer the amount to.
- Click the Save button if you wish to save a draft of the journal or Save and Post button if you wish to post the transaction to the ledger.
Note:
i. The No VAT tax rate should be chosen for each journal line item.
ii. Both transactions should be included in your Bank Reconciliation process.
Correct a Bank Receipt to the wrong bank account with a Bank Payment.
Please follow the instructions on the new Bank Payment article to enter a bank receipt with the same details for the Bank Payment you wish to reverse. Please ensure you match the original transaction with
- Transaction Date
- VAT Rate
- Bank Account
- Amount
Note: Both transactions should be included in your Bank Reconciliation process.
Correct a Bank Receipt to the wrong bank account with a manual Journal entry
- Find the Journal tab
- Click New to create a new journal entry
- Ensure your Date is set to the same date as the transaction you wish to reverse.
- Enter the first journal line item as a Credit and select the nominal code of the bank account with the incorrect transaction recorded against it.
- Enter the second journal line item as a Debit and select the nominal code of the bank account to which you wish to transfer the amount to.
- Click the Save button if you wish to save a draft of the journal or Save and Post button if you wish to post the transaction to the ledger.
Note:
i. The No VAT tax rate should be chosen for each journal line item.
ii. Both transactions should be included in your Bank Reconciliation process.
