You're almost there! Please answer a few more questions for access to the Applications content. Complete registration
Interested in joining? Complete your registration by providing Areas of Interest here. Register

Best Practice for reversing receipts

Received Response
edited Jul 30, 2020 12:46AM in Receivables & Collections 2 comments


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?


Howdy, Stranger!

Log In

To view full details, sign in.


Don't have an account? Click here to get started!