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Reversing a pension payment
When you recorded the pension payment for a member, you may have made some mistakes. This article shows you how to reverse an incorrect pension payment.
In our example below, the actual pension payment was $870 rather than $875.
To REVERSE a pension payment, hover and select the word Expenses on the menu.
You will now see the Expenses screen, which will show all Expenses and Payments.
Under Payments, you will notice REFERENCE PAY000002 – which relates to Bill’s pension of $875. The actual payment was $870, so we need to reverse this transaction.
You should select PAY000002.
You will now see the Reverse Transaction screen (below). You will see the Pension payment transaction you wish to reverse.
Select REVERSE. You will be asked to confirm that you wish to reverse the transaction. Select REVERSE TRANSACTION.
The transaction will now be reversed with corresponding journal entries. If you wish to record the correct pension payment, hover over Expenses and select Member Payment – then proceed to add the pension payment.