Bank reconciliation question

[DaveC49]

It should be no problem at all. Just record the original transactions you
already have  recorded against something like a miscellaneous expenses
account. Add notes to the description that they were direct debits in error.
The refunds should also appear in your OFX records so just load then and use
the same miscellaneous expense account to record the refund against. Attach
notes in the Description field referencing the orignal incorrect
transactions in error so that your auditors will be happy. 

Reconciliation should be no problem as your bank statements should have both
the original debits to the account(credits in your books) and the credits
(debits in your books) to the account so they should reconcile against your
account as normal.

When you prepare the financial statements, you could put in an explanatory
note, referencing the transactions in error. 

Transactions hould appear something like

Original transaction:
                                                    debit              
credit
Asset: Bank                                                         xxxx
Expenses:Miscellaneous                  xxxx

corresponding Refund 

Asset: Bank                                   xxxx     
Expense: Miscellaneous                                        xxxx

You may need to consult any local legislation which governs your association
and its recording  of financial matters or your auditors. As long as the
explanation is clear and references any external
documentation/correspondence from your bank, your auditors should be happy. 

Note that you can also create links from transactions to associated
documents.

David Cousens



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David Cousens
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