AccountRight treats reconciled transactions as being finalised. Changing or deleting these transactions will cause the particular account to become out of balance. For the account to reconcile again, the affected transactions must be returned to their original state.
This page describes how to delete a reconciled transaction, and also how to reverse reconciled transactions - in case you want to maintain an audit trail of the original transaction.
Deleting a reconciled transaction
Situations can arise that requires a reconciled transaction to be deleted. An example of this would be where it's realised that a reconciled Pay Bills payment had been entered for the wrong supplier. The following steps explain how you can delete and re-enter a reconciled transaction so as not to affect your bank reconciliation.
- From the Banking command centre, click Reports.
- Highlight the Bank Register report then click Customise.
- Set the report parameters to capture the transaction to be deleted.
- Click the Report Fields tab and select Reconciled Date from the list of Available Fields.
- Identify the transaction to be deleted and note its:
- Reconciled Date
In our example Bank Register report shown below, we want to delete payment #1 which has a Reconciled Date of 1/11/2013.
In addition to the above, note the Calculated Statement Balance prior to deleting this transaction.
- With the Bank Register report displayed, move your cursor over the transaction. Once the cursor turns into the shape of a magnifying glass, click to open the transaction.
- Click OK to the Reconciled Transaction message.
- Go to Edit on the menu bar and click Delete.
- Return to the Bank Register report, click Redisplay and the transaction will now be missing.
In the window below you can see the Calculated Statement Balance has changed by the amount of the deleted payment.
Re-enter the transaction making sure to use the correct transaction type, transaction Date and Amount.
For your bank account to reconcile again, the replacement transaction will need to be reconciled.
- Open the Reconcile Accounts window.
- Set the Account field to the bank account.
- Enter the Last Reconciled Date to repeat in the Bank Statement Date field.
- Select the replacement transaction as Cleared.
- Enter the New Statement Balance amount - this is the closing balance of the statement as at the Last Reconciled Date.
- Make sure the Out of Balance is zero then click Reconciled and follow the remaining on-screen steps to reconcile the account.
In our example, the Last Reconciled Date was 1/11/2013, so this is the date we would enter in the Bank Statement Date field as can be seen in the Reconcile Accounts window shown below.
Note: With the transaction selected as cleared, the Calculated Statement Balance has returned to its original amount. See 2: Delete the transaction below.
The Reconciliation Report when customised for the replacement transaction's Reconciled Date, will be the same as it was when the account was originally reconciled.
This method differs from the above in that an audit trail will remain for the original transaction.
- Go to the Setup menu and choose Preferences.
- Click the Security tab.
- Select the option Transactions CAN'T be changed; They Must be Reversed.
- Click OK.
- Go to the Banking command centre and click Bank Register.
- Specify the applicable date range to locate the transaction to be reversed.
- Click the zoom arrow next to the transaction. A message will be displayed advising that the transaction is already reconciled.
- Click OK to the message.
- Go to the Edit menu and choose Reverse Transaction.
- Change the Date of the transaction to represent when you want the reversal to appear in your reconciliation. See our example below.
- Click Record.
Re-enter the transaction against the applicable bank account. Then choose to reconcile accounts and you will see a debit and credit amount reflecting your bank account. See our example below.
You will now be able to reconcile again by selecting the reversal and the new payment as these balance each other out.
Note the Calculated Statement Balance in the Reconcile Accounts window shown below.
The Calculated Statement Balance amount represents the total value of all transactions that have been cleared in AccountRight. Similarly, it also represents the balance of all transactions for the account that have been presented to your bank.
Reconciling transactions keeps AccountRight's accounts aligned with your bank records. Changing or deleting a reconciled transaction alters AccountRight's Calculated Statement Balance so it no longer corresponds your bank records; this is termed an 'out of balance'.
There are three things that will cause this:
- The reconciled transaction was deleted and has since been re-entered (but not yet reconciled).
- The reconciled transaction has been duplicated.
- The reconciled transaction has been changed and resaved
To determine which of the above has happened:
- Locate the bank statement you last reconciled your account to and note its closing balance.
- From the Banking command centre, click Reconcile Accounts.
- Set the Account field to your bank account then press the tab key on your keyboard.
- With no transactions selected as Cleared, does the Calculated Statement Balance equal the bank statement balance noted at step 1?
- Yes: This suggests the unreconciled transaction is a duplicate entry.
- No: This indicates the reconciled transaction was deleted and has since been re-entered, or changed and resaved.
The above can be quickly confirmed by using the Bank Register report.
- From the Banking command centre, click Reports.
- Highlight the Bank Register report then click Customise (or Display - depending on your software version).
- Set a date range to capture the transaction.
- Click Report Fields and select the Reconciled Date option.
- Click the Finishing tab and set the Sort By field to ID#.
- Click Display.
In Bank Register report 1 shown below, you can see cheque #4 is listed twice and only one copy of it has a Reconciled Date. From this you can see that cheque #4 has been duplicated. Your options to correct this are to either delete or reverse the unreconciled entry.
Bank Register report #1
In Bank Register report #2 shown below, you can see that cheque #4 is listed only once, and, it doesn't have a Reconciled Date. This shows the original reconciled entry was deleted and the one being reported is a replacement.
Bank Register report #2
To correct this, please refer to 3. Re-enter the transaction and reconcile the account above.