How to Reverse Bank Entries in Sage ERP 300

Accessing the Reverse Transactions Screen

To begin the reversal process, follow these initial steps:

• Log into Sage 300 ERP
• Navigate to Common Services
• Select Bank Services
• Click on Bank Transactions
• Double-click on Reverse Transactions

Types of Reversible Transactions

The Bank Reverse Transactions screen allows you to:

Posted Payments: Reverse posted payments and their associated original transactions.

Customer Transactions: Process returned customer checks and credit card payments while automatically updating Accounts Receivable records.

Bank Services Entries: Reverse transactions created by Bank Services, such as error corrections or exchange differences.

Single Transaction Reversal Process

Step 1: Basic Information Entry Enter the bank code for the transaction you wish to reverse. The system will automatically display the bank account number and statement currency for multicurrency accounts.

Step 2: Source Selection Choose the appropriate source application:

• Accounts Receivable
• Accounts Payable
• Bank Services
• Payroll
• Other Application

Step 3: Transaction Details Enter the specific transaction information:

• For Bank Services: Enter the bank entry number
• For Accounts Payable: Input the check or payment number
• For Accounts Receivable: Provide the customer's check number or cleared receipt number

Multiple Transaction Reversal

For efficiently reversing multiple transactions simultaneously:

Initial Setup

1. Check the "Reverse Multiple Transactions" option
2. Select the source application
3. Enter the bank code

Transaction Selection

• Use the "Go" button to display available transactions
• Double-click in the Reverse column to change status from "No" to "Yes"
• Utilize the "Select All" option for reversing all displayed transactions

Impact on Different Modules

Accounts Receivable Impact When reversing receipts, Bank Services creates a withdrawal entry on the Reconciliation tab. The system automatically updates customer accounts and releases any paid invoices.

Accounts Payable Effect Payment reversals in AP automatically update vendor accounts, changing payment status to Reversed or Returned.

Bank Services Entries For Bank Services-entered deposits:

• Complete removal of newer deposits from the tab
• For deposits from version 5.5 or earlier, creation of an Outstanding status entry

Important Considerations

Timing and Restrictions

• Transactions can be reversed at any time, including during bank reconciliation
• Cleared withdrawals cannot be reversed
• Bank Services-entered deposits that have been cleared require a new withdrawal entry for correction

Date Management

• The system captures the session date automatically
• Users can specify a custom reversal date
• Fiscal year and period can be modified as needed

Verification Process

Transaction History Review

1. Access Transaction History Inquiry in Bank Services
2. Enter the relevant bank code
3. Select the module to verify reversals
4. Click Go to view the list of reversed transactions

Bank Balance Verification After posting reversals:

• Check the updated bank master screen
• Verify the last closing statement balance
• Confirm correct adjustments to deposits and withdrawals
• Review the current balance calculations

Multicurrency Considerations

For banks handling multiple currencies:

• The statement currency displays automatically after bank code entry
• Exchange rate differences are handled automatically by the system
• The system maintains proper currency tracking for all reversals

Best Practices

Documentation

• Always enter a clear reason for the reversal
• Maintain proper documentation of all reversed transactions
• Keep track of associated GL entries

Timing

• Process reversals as soon as errors are identified
• Ensure proper fiscal period selection for accurate reporting
• Consider the impact on bank reconciliation processes

Verification

• Always verify the reversal through multiple screens
• Check both the source module and Bank Services
• Confirm GL entries are properly posted

Automated Updates

The system handles several automatic updates:

• Creation of withdrawal entries for reversed receipts
• Updates to customer and vendor accounts
• Modification of payment statuses
• Generation of appropriate GL entries

This comprehensive process ensures accurate financial records while maintaining the integrity of your banking and accounting data. The system's automated features help prevent errors and maintain proper audit trails for all reversed transactions.

Sources: [1] https://www.youtube.com/watch?v=zsYKPcu87nw [2] https://help.sage300.com/en-us/2024/classic/Subsystems/BK_2024/Content/Transactions/SCREENS/ReverseTransactions.htm?TocPath=Bank+Services%7CScreen+Guides%7CTransactions%7C_____7 [3] https://help.sage300.com/en-us/2025/classic/Content/Financials/Bank_Services/Processing_Transactions/SCREENS/ReverseTransactions.htm [4] https://www.greytrix.com/blogs/sageaccpacerp/2014/07/05/multiple-reverse-transactions/ [5] https://www.greytrix.com/blogs/sageaccpacerp/2015/09/21/reverse-transactions-for-bank-services-in-sage-300/ [6] https://www.netatwork.com/sage-300-erp-tip-how-to-reverse-receipts-in-ar/