Those located in Asia-Pacific will use the term Trust Account, where customers located in Europe will use the term Client Account. For the purpose of this article, we will refer to it as a Trust Account. For more information on regional terminology, refer to this article or contact support.
The most recently processed disbursement can be reversed. All payments from the same disbursement are reversed, this will show in the Cashbook, Payments Journal Report and on the ledgers and Ledgers Report - your auditor will be able to see all reversals. Fee invoices will be voided, and the fees will be reset to 'Raised' status.
We recommend checking the Disbursement Preview Report before disbursing to reduce the likelihood of needing to reverse it again later. Reversing the disbursement removes any owner statements which were produced from the owner files and allows the same details to appear on future owner statements. The landlord contact will not show statements from reversed disbursements, and they will not be available via the landlord portal or app.
It's not recommended to reverse a disbursement which has been paid out at the bank and you can't reverse it if it is reconciled to the bank statement.
A withdrawal can be un-reconciled if the disbursement needs to be reversed, however, it then needs to be processed again for the same amount to be able to reconcile. Ideally, check all reports before paying the funds out at the bank, to avoid needing to reverse a disbursement.
Access the disbursement record by clicking the green tile on the right side of the Trust Accounts home page, or from the Disbursement History tab.
1. Access the most recent disbursement record
Click 'Reverse this Disbursement' to reverse the disbursement, you will need to confirm this action.
If the disbursement included any cheques, select if they should be reversed or cancelled. Reversed cheque numbers will be available to use again, cancelled cheque numbers will not. Details and reports from reversed disbursements can be viewed via the Disbursement History page.