Skip to main content

Deleting reconciled transactions

Semmy Tan avatar
Written by Semmy Tan
Updated over a week ago

When conducting bank reconciliations in Property Matrix, transactions included in a reconciliation are linked permanently and cannot be directly deleted, as they affect the reconciliation’s balance calculation. This rule applies to both cleared and uncleared transactions.

Cleared Transactions:

  • These transactions represent the reconciled bank balance at a given date.

  • Deleting cleared transactions would disrupt the reconciled balance, causing inaccuracies.

Uncleared Transactions:

  • Uncleared transactions account for differences between the Property Matrix balance and the actual bank statement.

  • Removing uncleared transactions alters these adjusted balances, disrupting reconciliation accuracy.

Example:

  1. Starting balances:

    • Property Matrix: $100,000

    • Bank statement: $100,000

  2. A $5,000 check is issued but not cashed, reducing Property Matrix’s balance to $95,000.

  3. Reconciliation occurs at month's end:

    • Bank statement: $100,000

    • Property Matrix adjusted balance: $95,000 + $5,000 outstanding = $100,000

  4. If the $5,000 payment transaction is deleted, the adjusted balance no longer matches the bank statement.

Voiding or Reissuing Transactions:

  • To void or refund transactions included in past reconciliations, use the three-dot menu option to select Void or Refund.

  • This creates an offsetting transaction, neutralizing the original, allowing both transactions to be cleared in the next reconciliation.

Direct Transaction Edits:

  • To edit a reconciled transaction directly, you must first delete the associated reconciliation.

  • After editing, a new reconciliation must be created to restore accurate balances.

Did this answer your question?