How to Reverse an ABA File in REST Professional
You have processed your owner payments at End of Month, and you have reviewed the ABA File to discover you have paid an owner that wanted their funds on hold for the month.
Perhaps you are doing your creditor run, and you have paid a creditor twice for a disbursement in error.
The ABA file must be the most recent ABA file you have processed to be able to reverse it.
The process includes:
- Step 1 - Reversing the ABA File
- Step 2 - Reversing the EFT Payment/s
- Step 3 – Reverse the Creditor Disbursement/s (if applicable)
- Step 4 – Recreating the ABA File for Upload to Bank
Step 1 – Reversing the ABA File
- In order to reverse the ABA File, you will need to know the EFT Reference Number of the file. You can find this by going to Cashbook > Bank Reconciliation > Unpresented Cheques. You will need to locate the transaction “Automatic Deposit Payments” with the date you created the file on.
- Go to Transactions > Cancel Transactions > Reverse ABA File
- Click Next on the Welcome Screen
- Enter the EFT Reference and press enter, this will bring up the list of payments on the ABA file.
- Click Next to cancel the list ABA file.
- Click Finish, this screen will give a confirmation that the ABA file has been reversed and the individual EFT payments have been credited to the Auto deposit internal account.
NOTE: At this point the ABA file has only been reversed.
Step 2 – Reversing the EFT Payment/s
- Go to Transactions > Cancel Transactions > Reverse EFT Payments
- Click Next to the welcome screen.
- Select the payment/s that you require to be cancelled by ticking the box on the right hand side
- Click Next
- The next screen will ask if you wish to reverse postage, bank charges & taxes. If you wish to reverse these fees, tick the box. NOTE: If on Clearing Statements you will need to tick the box also to ‘Reverse the Clearing Statement’.
- Click Finish. This screen will advise you that the selected EFT payments will be reversed from the auto deposit internal accounts and credited back to the owners/creditors/sales. If this was an owner payment, the funds will be deposited back to the owners ledger.
Step 3 – Reverse the Creditor Disbursement
If the payment was for a creditor and you wish to completely cancel the disbursement back to the owner’s funds, you will need to cancel the Creditor Disbursement.
- Go to Transactions > Cancel Transactions > Creditor Disbursement
- Enter the Creditor Alpha and press Enter
- Click on Search – This will show all pending disbursements for this creditor.
- Highlight the selected transaction you wish to cancel & click OK
- This will show the screen to advise which disbursement you are cancelling
- Click OK-F12
- You will then receive a pop up message to ask you “Are you sure you want to cancel this transaction?” Click Yes
Step 4 – Recreating the ABA File for Upload to the Bank
- Go to Transactions > Create File for Upload to Bank > EFT (ABA) File
- Press Print
- You can now import this file into your banking software
It is important you upload the ABA file immediately at the bank to avoid it being overwritten.