Reverse Transactions Field List

Use the Finder or the navigation buttons to select the code for the bank that processed transaction you are now reversing.

The default bank code specified on the Bank Options window displays when you open the window, but you can change the code if you are reversing a transaction that was processed to a different bank.

After you specify the bank code, the program displays the bank account number from the bank record.

After you enter a bank code, Bank Services displays the bank account number specified in the Bank record.

On the Bank Transfers window, this field is named Bank Account.

Use this field to specify the program where the transaction originated.

You can select Payroll or Bank Services to specify whether the Transaction is specific to Payroll or Bank activity.

If Source Application is Payroll, the Reverse Document field defaults to Payment. If Source Application is Bank Services, choose from Withdrawals or Deposits to specify the original transaction type you want to reverse.

Select this option only if you want to reverse a range of transactions.

When you select the option, additional fields display on the form, allowing you to reverse more than one transaction.

Use this field to explain or note why you are reversing the transaction for record-keeping purposes.

The session date displays as the default date for this field. The reversal date determines the year and period to which the reversal is posted. If you are reversing a paycheck generated in U.S. Payroll, note the following:

The Reversal date may be used to reverse the paycheck and update the associated employee record in payroll, depending on certain options set in that program. Because there can be significant tax consequences associated with the reversal date, you need to consider the following points carefully before accepting or changing the reversal date:

• If Payroll does not use the option to use original dates when reversing checks, the journal entries for the reversed check and the employee's payroll data will use the reversal date you enter.

  For a U.S. Payroll check, we recommend strongly that you enter the original check's Pay Period End Date as the reversal date.

• If Payroll does use the option to use original dates when reversing checks, the journal entries for the reversed check and the employee's payroll data will use the original check dates, regardless of the date you enter in this field.

The program displays the year and period associated with the reversal date you enter.

This field displays if you selected Payroll as the source application.

If you are reversing a single transaction, enter the code for the U.S. Payroll employee whose check you are reversing.

This field displays if you are reversing a vendor payment, a customer refund, or a payroll check.

If you are reversing a single payment, use the Finder to select the check or payment number.

This field displays if you selected Reverse Bank Entry as the reversal type.

If you are reversing a single bank entry, enter the number for the bank entry you are reversing.

This field displays if you are reversing a Payroll payment.

The program displays the amount of the transaction. You cannot change it.

This field displays if you are reversing a Bank Services deposit or withdrawal.

The program displays the amount of the transaction. You cannot change it.

The program displays the date that the payment or refund was originally issued.

This field displays if you are reversing a bank entry.

The program displays the date that the entry was posted. You cannot change it

Use the From and To fields to specify ranges of document numbers, dates, amounts, currencies, and vendors, customers, or employees.

The criteria you can specify depend on the source application.

Click the Go () button to list transactions that meet your criteria, and then use the table to specify the transactions to reverse.

You use this column on the reverse transactions table to specify whether to reverse a transaction that is displayed on the table.

To reverse a transaction, select it on the table, then double-click the Reverse column in that line to change the entry to Yes. When you post the reversal, the program updates the bank and sends the reversal information to the subledger where the transaction originated.

The session date displays as the default date for this field. The reversal date determines the year and period to which the reversal is posted. If you are reversing a paycheck generated in U.S. Payroll, note the following:

The Reversal date may be used to reverse the paycheck and update the associated employee record in payroll, depending on certain options set in that program. Because there can be significant tax consequences associated with the reversal date, you need to consider the following points carefully before accepting or changing the reversal date:

• If Payroll does not use the option to use original dates when reversing checks, the journal entries for the reversed check and the employee's payroll data will use the reversal date you enter.

  For a U.S. Payroll check, we recommend strongly that you enter the original check's Pay Period End Date as the reversal date.

• If Payroll does use the option to use original dates when reversing checks, the journal entries for the reversed check and the employee's payroll data will use the original check dates, regardless of the date you enter in this field.

The program displays the year and period associated with the reversal date you enter.

Use this field to explain why you are reversing the transaction.

This column shows the check, receipt, or bank entry numbers for the payments and receipts that display on the list on the Reverse Transactions window.

You can drill down to the original entry by selecting a transaction on the table, then clicking the Drilldown () column heading.

If Payroll sent a selected transaction to Bank Services, you can click the Drilldown button to view the document in the source application

• U.S. Payroll display paycheck information in the Check Inquiry window.

Click Post to update the bank account balance, and send the reversal information to the subledger.

You click the Select All button to reverse all the transactions displayed on the reverse transactions table.