You must post a Bank Receipt to reverse the bank payment.

If the Bank Payment is VAT reconciled when you reverse it, the new Bank Receipt appears on the next VAT quarter as a transaction from a previous period. You must include this previous transaction in the VAT Return. If it was not VAT reconciled both transactions appear in the next VAT quarter but the net effect in box 5 is 0.

Both the Bank Payment  and Bank Receipt will show in the Bank Reconciliation window you must reconcile both transactions which has a net effect of 0.

Enter a bank receipt to reverse the bank payment

1. Find the Bank tab
2. then click Bank receipt
3. Enter the details and ensure you enter the same as the original bank payment:
   • Date
   • Bank
   • N/C (Nominal Code)
   • Amount
   • VAT
   • Tax Rate
   • Tax
   • Net
   • Gross
4. Click Save.