There are many types of transactions that can be performed in banks or financial institutions. These transactions can be mainly categorised as front desk transactions and back office transactions.

Front desk transactions are essentially those transactions performed by tellers when facing customers at counters in any bank or financial institution.

Whereas, back office transactions are those transactions that are not so urgently required and can be performed at a slight delayed manner, upon careful evaluation by the respective personnel of the respective bank or financial institution.

However, as tellers are often busy performing transactions at the front desks or back office of any bank or financial institution and are required to serve each customer at the shortest time period, usually a few minutes, they are prone to make mistakes. Therefore, this function will come in handy for tellers.

This function basically allows user to reverse the respective transaction which took place on the same day. This function can be used when user has made mistakes in transactions, e.g., wrong transaction code has been used.

However, this function cannot be performed on system generated transactions, e.g., periodic process triggered transactions as in the case of the interest amount debited into the credit account upon the completion of the Start-of-Day (SOD) periodic process, and the product’s processing fee debited into account and charged to the credit facility’s disbursed amount during the first disbursement (processing fee deducted from proceed).

This function is the focal point to access to different modules' transactions at any one time, to rectify them. Once selection has been made in this function, user’s focus will be diverted to the selected module’s transaction error correction function screen.

In view that the correction that can be made in this function is within the same day (prior to the 'End-of-Day' process in system), therefore no transaction accounting entries will be raised.