Reverse a funds transfer
You cannot edit a funds transfer. However, you can reverse a funds transfer and then enter another with the correct information.
You cannot reverse a funds transfer that has been included in a reconciliation. In this case, first reopen the reconciliation and then reverse the transaction. If you reconciled both bank accounts involved in the transfer, reopen the reconciliation for each of those accounts.
If you used a funds transfer to pay off a credit card before 2019 Release 3, you cannot reverse the funds transfer.
Reverse a funds transfer
| Subscription | Cash Management |
|---|---|
| User type | Business |
| Permissions |
Funds transfers: List, View, Reverse |
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Go to Cash Management > All > Transactions > Funds transfers.
- Find the funds transfer that you want to reverse.
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Select More actions > Reverse at the end of the row.
- In the Reverse the transaction on date field, select the date for reversing the payment.
This is usually the original transaction date or a later date.
- Include an optional Memo for the reversal.
The text you include here is added to the original description, if one was included.
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Select Submit.
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Go to Cash Management > All > Transactions > Funds transfers.
- Find the funds transfer and select Reverse.
- In the Reverse the transaction on date field, select the date for reversing the payment.
This is usually the original transaction date or a later date.
- Include an optional Memo for the reversal.
The text you include here is added to the original description, if one was included.
- Select Submit.
After you submit the reversal, Intacct reverses the funds transfer and you return to the Funds transfers list.
When a funds transfer reversal is waiting to reach the reversal date, the word Reversal appears in the list instead of the Reverse link. Funds transfers that were reversed are indicated by the word Reversed.
Can I undo a funds transfer reversal?
Undoing a reversal isn't in accordance with accounting best practices. Instead of undoing a reversal, perhaps one that was done by mistake, re-enter the original transaction, correcting any errors.
This ensures that the original transaction, reversal, and new transaction provide a valid audit trail and are compliant.
Generally Accepted Accounting Principles (GAAP) is an accounting standard. Set by the standards organizations Financial Accounting Standards Board (FASB), Governmental Accounting Standards Board (GASB), and Financial Accounting Foundation (FAF), GAAP ensures uniform and consistent financial reporting across governments, businesses, and noprofit organizations.
GAAP compliance works to make sure that financial reporting is transparent and adheres to well defined rules.
Sage Intacct adheres to these standards when creating workflows that help maintain GAAP compliance.
For example, some accounting software allows editing transactions in closed periods. Sage Intacct requires books to be reopened to make changes. This way, Sage Intacct ensures GAAP compliance, an accurate audit trail, and complete historical reporting.
