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Clear reversal bank statement transactions in advanced bank reconciliation

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This article explains how to clear reversal bank statement transactions in advanced bank reconciliation.

In some cases, bank statement transaction reversals aren't recorded on the company side. Users can clear reversal bank statement transactions in advanced bank reconciliation without matching them to any company transaction.

Prerequisites

  • Import a bank statement.

Clear reversal bank statement transactions on the reconciliation worksheet

To manually clear reversal bank statement transactions on the reconciliation worksheet, follow these steps.

  1. Go to Cash and bank management > Bank statement reconciliation > Bank reconciliation.
  2. Open or create a bank reconciliation worksheet.
  3. On the Unmatched transactions tab, select the bank statement transactions to match. The total amount of the selected company transactions must be 0 (zero).
  4. Select Match.

Clear reversal bank statement transactions by using matching rules

To use matching rules to automatically clear reversal bank statement transactions, follow these steps.

  1. Go to Cash and bank management > Setup > Advanced bank reconciliation setup > Reconciliation matching rules.

  2. Select New to create a matching rule.

  3. Set the Matching rule code and Name fields.

  4. In the Action field, select Clear reversal statement lines.

  5. On the Step 1: Find reversal statement lines FastTab, define the criteria.

    Note

    For this step, the Reversal field on the bank statement line must be set to Yes.

  6. On the Step 2: Find original statement lines FastTab, define the criteria. The Document number and Payment reference fields are available. The value of these fields must be the same on the reversal and original statement lines.

  7. Optional: On the Step 3: Find bank transactions FastTab, define the criteria. You can add selection criteria to match company transactions to bank statement lines.

  8. Select Save and then Activate.

  9. Optional: You can include the matching rule in matching rule sets.

  10. Go to Cash and bank management > Bank statement reconciliation > Bank reconciliation.

  11. Open or create a bank reconciliation worksheet.

  12. Select Run matching rules.

  13. Select either the matching rule that you defined or a matching rule set that contains that matching rule.

  14. Select OK to run the automatic matching.