Reversal of a Bank Transfer

Owned by Diane Partridge
Last updated: Sept 14, 2020
2 min read
A Bank Transfer is an electronic payment that is made directly from your bank account to another bank account.
Eg a payment made from your Main bank account to your Visa Credit Card Account.- (in other words a bank-to-bank transfer/payment). 
When inserting a bank transfer, bank payment and a bank deposit are created from this one transfer.
Entering the reversal will take the funds out of the To account site, back to the From account site.


If a bank transfer has incorrectly been inserted from or to the wrong bank account, or with the wrong date or wrong value you can correct this by doing the bank transfer the other way around.
Eg:
Original bank transfer money of $100 was transferred from Main bank 11505 to Visa 31080
From account site  = 11505
To account site  = 31080
Note down the bank transfer number, bank payment no and bank deposit no, the date, tender and value of the original bank transfer that was inserted incorrectly.


  1. Navigate to Financials>Bank Transfers
  2. Click on 'New'
  3. Enter the date of the original bank transfer.
  4. 'From Account Site' (bank account)  = 'To account site' from the original bank transfer in the eg above = 31080
  5. 'To Account Site' (to bank account) = 'From account site' from the original bank transfer in the eg above = 11505
  6. Enter the full value that was on the incorrect bank transfer.

  7. Enter a description, reversal of bank transfer no '???' you can also add the bank deposit and payment number into the description if you like.

  8. Click on 'Finalise' to complete the transfer. 

  9. The system will generate a Bank Deposit and a Bank Payment which will stand for the reversal of the original

    The system will also give you both transaction Numbers within the view. 

    If you need to enter the bank transfer incorrectly please click on New and do so.