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Best Practice for reversing receipts

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edited Jul 30, 2020 12:46AM in Receivables & Collections 1 comment

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We reconcile bank statements daily.  On occasion, we will have a check that comes back NSF or a returned ACH.  The only way we know to reverse the receipt in Oracle is to unreconcile the bank statement for that day, post the reversal, and re-reconcile the bank statement.  Even though all the actual accounting will be done in the current period, sometimes the original bank statement will fall in a prior period.  Our auditors don't like for us to be opening prior period reconciliations.  Is there another way to record the reversal in AR without affecting prior statements?

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