Reverse a manual deposit

You can reverse a manual deposit from one of two places: the receipts register report or the payment group of the manual deposit.

Reverse from the Receipts Register

You can correct an erroneous manual deposit by going to the receipts register, finding the entry you want to correct, and reversing it.

By using the receipts register to correct a manual deposit, you keep your reconciliations clean and clear.

1. Go to Cash Management > All > Reports > Registers, and select Receipts.
2. Run a receipts register report.
3. Find the entry that you want to reverse in the receipts register, and select Reverse at the end of the entry.

   The Transaction Reversal Date page appears.

4. Select the date for reversing the transaction.

   This date is usually the original transaction date or a later date.

5. Select Submit.

   The Receipts Register page removes the Reverse link and tags the entry as Reversed. Intacct adds an additional balancing entry, which it tags as Reversal.

Reverse from the payment group

You can reverse payments that you misapplied and need to correct from the payment group.

1. In the Payment groups page, find the required summary, and select Payments.
2. Find the payment that you want to reverse and select More actions > Reverse.
3. Enter the following:

   • For Reverse the transaction on date, select the date for reversing the payment.

     This date is usually the original transaction date or a later date. You can even select a date from a prior closed period, so that your financial statements are correct.

   • For the Memo, add a description that applies to this line item.

     This text is for your information only.

4. To remove the AR sales invoices that were paid by this deposit, select the checkboxes in the Reverse column.
5. In the Transaction reversal date dialog box, select Submit.

   Intacct returns you to the Payments page. The Reverse link now is labeled Reversed.

1. In the Payment groups page, find the required summary, and select Payments.
2. Find the payment that you want to reverse and select Reverse.
3. Enter the following:

   • For Reverse the transaction on date, select the date for reversing the payment.

     This date is usually the original transaction date or a later date. You can even select a date from a prior closed period, so that your financial statements are correct.

   • For the Memo, add a description that applies to this line item.

     This text is for your information only.

4. To remove the AR sales invoices that were paid by this deposit, select the checkboxes in the Reverse column.
5. In the Transaction reversal date dialog box, select Submit.

   Intacct returns you to the Payments page. The Reverse link now is labeled Reversed.