Reverse a Payment from Trust

Reverse a Payment from Trust

Sometimes errors are made in trust and transactions need to be un-done. All transactions have to be documented in trust accounts and transactions cannot be deleted. A transaction can however be reversed when needed. The transaction will still appear on the ledger but will be noted as reversed and will not affect the balance.

  1. First find the listing in the software where the transaction was added.
  2. Click on Trust Account tab on the left side of the screen.
  3. Find the transaction and click on the reverse arrow icon:

  1. Select a reversal code from the drop down menu.
  2. Enter a reason (we recommend documenting any extra details which will help your auditor when they view this ledger).
  3. Click on Save.
  4. The transaction will now have a red R next to it to indicate it was reversed, and there will be an additional balancing transaction showing the amount was reversed:

  1. You can now re-add the transaction with the correct details.