PSA L&P - Deposits: How to reverse or void a deposit

How to reverse or void a deposit

The software does not provide a way to 'void' a deposit.

There will be a delete button at the bottom of the screen providing the following three criteria are met:

  1. Your permissions allow you to delete a deposit. Note: If your login type is church user there may be someone at your facility with login type church administrator.
  2. Your Open Accounting Month is the same month or an earlier month than the date of the deposit.
  3. The deposit has not been cleared on a now-closed Bank Reconciliation. Note: If it is marked on an open Bank Reconciliation, you may un-mark it and submit, in effect opening up the transaction for editing.

If the Delete button is not present, after checking with others at your facility to ensure their login does not provide the delete option, you may create a reversing entry (see images below).

This is basically a Journal Entry which Credits the Bank Account and Debits the Income Account which was used in the initial transaction.

When you process the Bank Reconciliation, you would mark both the original entry and the reversing journal entry. This will have a wash effect on the balance since the entries reverse each other.

If the initial deposit had been cleared on a Bank Reconciliation and the Bank Reconciliation has already been closed, there is a bigger issue here and you must contact your ParishSOFT Accounting Administrator to figure out your options.


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