FAQ Number : T7                                     Latest Update: 10/6/03

Everyone makes mistakes. At some time, chances are you will enter something incorrectly on Private Funds Manager.

For audit requirements, there is no facility to go back and change the original information entered, but you can and should instead enter an adjustment or correction.

Deleting Entries

Deleting entries – receipts or payments is straightforward if no receipt has been printed (in receipts) and if the entries have not been banked.

Simply click on the grey box on the left hand side of a line, and press the Delete key. If the entries have been banked, follow the instructions below.

Receipt Corrections

Entry on Twice

If you have not yet banked and auto receipts is not on, then simply click on the grey box to the far left hand side of the line and press the Delete key.

If you have not yet banked and auto receipts is on and the receipt has printed, enter a corresponding entry to the incorrect line using the same code, date etc but enter a negative amount.

If you have already banked the information, enter a new receipt equal but opposite to the original duplicate entry. You will need to remember that when you reconcile the bank, you will need to find the original banking and the adjustment in order to reconcile correctly.

Incorrect Short Code Used

If you have not yet banked and auto receipts is not on, then simply click on the grey box to the far left hand side of the line and press the Delete key.

If you have not yet banked and auto receipts is on and the receipt has printed, enter a corresponding entry to the incorrect line using the same code, date etc but enter a negative amount. Then re-enter using the correct short code.

If you have already banked the information, use Transaction Entry - Transfers – Transfer Short Code Income to move the income to the correct short code.

Incorrect Amount Entered

If you have not yet banked and auto receipts is not on, then simply return to the Amount field of the line and overtype the correct amount.

If you have not yet banked and auto receipts is on and the receipt has printed, enter a corresponding entry to the incorrect line using the same code, date etc but enter a negative amount. Then re-enter using the correct amount.

If you have already banked the information, enter an adjustment in the form of a positive receipt if the amount entered was too little or a negative receipt if the amount was too much. You will need to remember that when you reconcile the bank, you will need to find the original banking and the adjustment in order to reconcile correctly.

Payment Corrections

Entry on Twice

If you have not yet saved then simply click on the grey box to the far left hand side of the line and press the Delete key.

If you have already saved the information, enter a new payment equal but opposite to the original duplicate entry. You will need to remember that when you reconcile the bank, you will need to find the original banking and the adjustment in order to reconcile correctly.

Incorrect Short Code Used

If you have not yet saved, then simply click on the grey box to the far left hand side of the line and press the Delete key.

If you have already saved the information, use Transaction Entry - Transfers – Transfer Short Code Expenditure to move the expenditure to the correct short code.

Incorrect Amount Entered

If you have not yet saved then simply return to the Amount field of the line and overtype the correct amount.

If you have already saved the information, enter an adjustment in the form of a positive payment if the amount entered was too little or a negative payment if the amount was too much. You will need to remember that when you reconcile the bank, you will need to find the original payment and the adjustment in order to reconcile correctly.

Transfer Corrections

If a transfer is entered incorrectly, the best course of actual is to reverse the original and re-enter correctly. To reverse the original use the same accounts, date and amount and put explanatory text in the Narrative field.