The purpose of this article is to show you how to reverse a Till Variance if you have made a mistake and passed on the variance to the bank undeposited funds.
- Add up the Total in your Undeposited funds by Ticking all the amounts and viewing the total on the right - Process them to your Bank Account. This includes the Till Variance
- Do a Journal to Balance the total amount
- General Ledger – Journal Entry
- Enter a Description for your Journal and any other details as necessary.
- The Till variance amount will be a credit and the bank account that you put the undeposited funds to (in step 1) needs to be debited (MUST be the bank account, not "Undeposited Funds")
- Clear them from your Bank Reconciliation
- General Ledger – Banking – Bank Reconciliation –Bank Reconciliation
- Tick your Journal Entry and the Cash Deposit Entry (from your Undeposited Funds)
- If you have done your Journal for the right balancing amount, the entries will balance so you can Process them with your next bank Rec