Zumzum Financials Knowledge Base
Overview:
Establishing secure and efficient bank connections is crucial for managing and streamlining financial transactions, ensuring accuracy, and maintaining up-to-date records in your financial system. When a bank payment needs to be refunded or reversed, you must post a Bank Receipt to complete the process. If the payment was VAT reconciled, the new Bank Receipt will appear in the next VAT quarter as a transaction from a previous period and must be included in the VAT Return. If it was not VAT reconciled, both the original and reversal transactions will appear in the next VAT quarter, with a net effect of zero in box 5. Both the Bank Payment and Bank Receipt will be displayed in the Bank Reconciliation window, requiring reconciliation to achieve a net effect of zero. To enter a Bank Receipt, navigate to the Bank tab, click “Bank Receipt,” and enter details matching the original payment, including date, bank, nominal code, amount, VAT, tax rate, tax, net, and gross, then save the entry. This ensures the payment is properly reversed and accurately reflected in your financial records.
Bank Payment – The Payment Has Been Refunded Or Needs To Be Reversed
You must post a Bank Receipt to reverse the bank payment.
If the Bank Payment is VAT reconciled when you reverse it, the new Bank Receipt appears on the next VAT quarter as a transaction from a previous period. You must include this previous transaction in the VAT Return. If it was not VAT reconciled both transactions appear in the next VAT quarter but the net effect in box 5 is 0.
Both the Bank Payment and Bank Receipt will show in the Bank Reconciliation window you must reconcile both transactions which has a net effect of 0.
Enter a bank receipt to reverse the bank payment
- Find the Bank tab
- then click Bank receipt
- Enter the details and ensure you enter the same as the original bank payment:
- Date
- Bank
- N/C (Nominal Code)
- Amount
- VAT
- Tax Rate
- Tax
- Net
- Gross
- Click Save.
Learn more about bank corrections in Zumzum Financials. Post transactions to correct bank payments or receipts allocated incorrectly.