Correcting Transfers In a Previous Month
Incorrect Amount or Account
Click Transfer Funds. Reverse the incorrect Transfer by making a new entry with the "from" and "to" accounts swapped. Use the same amounts as the original transfer. The memo should identify the specific entry being corrected (use the date) and give a reason for the correction. Once that reversing entry is completed, click New Entry. Then re-enter the Transfer with the correct information.
If the transfer was between bank accounts, click off both the original transfer and the reversal in the bank reconciliation. If done correctly, they will cancel each other out.
Duplicate Transfer
Click Transfer Funds. Reverse the incorrect Transfer by making a new entry with the "from" and "to" accounts swapped. Use the same amounts as the original transfer. The memo should identify the specific entry being corrected (use the date) and give a reason for the correction. Click OK to record the transfer.
If the transfer was between bank accounts, click off both the original transfer and the reversal in the bank reconciliation. If done correctly, they will cancel each other out.