04 Feb 2014

CaseLink Web: Use Deposit Reversals to accurately reflect Ledger Entries

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Banking Tip:

Use Deposit Reversals in CaseLink Web to accurately reflect Ledger Entries

Deposit ReversalsWith so many cases to manage, you may occasionally find that you have incorrectly entered a deposit into the wrong case or account. CaseLink Web has the ability to help you quickly resolve this situation as proper entries into the ledger are incredibly important – especially when it comes to accurately reflecting deposit adjustments before your next audit.

The Deposit Reversal feature in CaseLink Web provides efficient and accurate reporting of deposit ledger entries. Instead of having to create and adjust an incorrect entry, the Deposit Reversal button enables you to properly reflect the correction by displaying the correction below the change. It displays this as a negative in the receipts column as well as removing the amount tied to the asset on Form 2.

To access this feature in CaseLink Web, follow the steps below:

  1. On the Homepage, first go to Accounts, then click on the deposit in the ledger. The deposit must be in the Pending status, the button will be disabled if the transaction has been cleared.RD_CLW1
  2. Next, click the Reverse Deposit button.RD_CLW2
  3. Once clicked the following box will appear. To complete the reverse entry click the Apply Deposit Reversal button. The date can be deleted.RD_CLW3
  4. When you go back to the ledger you will now be able to see the reversing entry. The reversal will also remove the receipt value from any asset associated with the transaction. If you would like to add more detail or to edit the notes click on the reference number to view the reversal.

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    Note: The reversing entry is automatically cleared on the date it was completed.

  5. As seen below the reversing entry also provides a link back to the original deposit.
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Note: You cannot reverse a Reversal Deposit.

All of these recommendations can help you to achieve a successful and stress-free audit! If you have questions regarding any of these processes in CaseLink Web, contact our professionals in the BMS Support Center via email or call 800-634-7734, ext. 6. They can walk you through the step-by-step process.

Are there other audit tips you think other trustee offices should know about? Share them here.

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