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Reversing a Till Variance

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

Undeposited_Funds_Till_Rec_Variances.png

  • 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")

Journal_to_Write_Off_Till_Variances.png

  • 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

Bank_Rec_Till_Variances_J.png

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