To reverse a receipt that was recorded on a bank deposit for undeposited funds

If you haven’t already read the Receive Money Overview, see Finding, changing, reversing and removing Receive Money transactions for more information.

Use this procedure only if your transactions are unchangeable. See What are changeable and unchangeable transactions? for more information.

The receipt you want to reverse should be displayed in the Receive Money window. (If you need help doing this, see To find a Receive Money transaction.)

  1. Reverse a receipt as you normally do. If you need help doing this, see To reverse a Receive Money transaction.

  2. You have two options:

If you expect a replacement receipt
  1. After you receive the replacement receipt, click the Receive Money button in the Checkbook Command Center to display the Receive Money window.

  2. Enter the receipt as you normally do, using the replacement receipt’s amount in the Amount Received field. Be sure to select the Group with Undeposited Funds option. If you need help doing this, see Creating a Receive Money transaction.

  3. Remove the reversal of the original receipt and the replacement receipt from the Enter Bank Deposit window. Click Prepare Bank Deposit from the Checkbook Command Center to open the Prepare Bank Deposit window.

  4. Select the reversal and the replacement payment by clicking the Deposit column.

  5. Click Record. You’re done!

If you don’t expect a replacement receipt
  1. Click Record Journal Entry in the General Ledger Command Center.

  2. Enter the checking account where the receipt was entered in the Acct # column, then enter the debit amount in the Credit column.

  3. In the next line, enter your Undeposited Funds account in the Acct # column. The receipt amount should appear in the Debit column. Click Record.

  4. Remove the reversal of the original receipt and the journal entry you just created from the Enter Bank Deposit window. Click Prepare Bank Deposit from the Checkbook Command Center to open the Prepare Bank Deposit window.

  5. Select both the reversal and the journal entry by clicking the Deposit column.

  6. Click Record.

To reverse a receipt that was recorded on a bank deposit for undeposited funds