Overview:

When a bank payment is posted with incorrect VAT/Tax codes, it is essential to correct the error to maintain accurate financial records. To reverse the bank payment, you must post a bank receipt that mirrors the original payment details. Navigate to Bank > Bank Receipts and ensure the bank, date, nominal code, net amount, tax code, and VAT amount match the original transaction. Post the bank receipt to cancel the original payment. Both transactions will appear in the Bank Reconciliation window and must be reconciled, resulting in a net effect of zero. Once this is done, you can re-enter the bank payment with the correct VAT codes. It is recommended to test this process in your Salesforce Sandbox environment before applying it to your live data to ensure the desired outcome.

Bank Payment Incorrect Code Issue

If you posted a Bank Payment with the incorrect VAT/Tax codes.

Bank Payment Incorrect Code

Solution

You must post a bank receipt to reverse the bank payment. Both the Bank Payment and Bank Receipt will show in the Bank Reconciliation window and you must reconcile both transactions which has a net effect of 0. To post a bank receipt to reverse the bank payment:

Bank > Bank Receipts > ensure the following are the same as the original bank payment

• Bank
• Date
• N/C
• Net
• T/C
• VAT

You will then be able to enter a bank transaction again with the correct VAT codes.

Please test this in your Salesforce Sandbox to ensure you achieve the desired outcome before you apply the transaction to your live data.

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