When attempting to cancel a cheque or deposit, there are some restrictions which may be placed on the transaction:
▪You will not be able to reverse a cheque or deposit which is in a previous financial year.
▪You will not be able to perform a reversal if the cheque or deposit concerned has been reconciled. See more information below.
▪If you cancel a cheque or deposit, the reversal entry will go into the current period.
To cancel a cheque or deposit, do the following:
1.Use the cheque book list to locate the cheque or deposit that you want to cancel.
2.Either double click or select View to open the cheque or deposit in View mode.
3.Click Cancel Cheque or Cancel Deposit in the footer of the form. If this button is disabled it means that one of the above criteria has not been met and this cheque or deposit, for one reason or another, cannot be cancelled.
4.If the transaction can be cancelled, you will see a message confirming that you want to do this. Click the appropriate button.
5.A reversal cheque or deposit entry will now be placed into the general ledger, and will also appear in the relevant bank reconciliation details.
If a payment is part of a bank reconciliation, you have two options:
1.Delete the related bank reconciliation, then cancel the payment. This would be the best option, otherwise the bank reconciliation will be incorrect.
2.Make a payment from the wrong bank account to the correct one. You will have an in and out transaction in the wrong bank account which will zero each other out.
Further information: