There are many types of transactions in each bank or financial institution. 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 a 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 allows user to reverse the respective transaction which took place some time ago; at least one day ago. This function can be used when user has made mistakes in transactions, e.g., wrong transaction code was used or incorrect payment details have been inputted.

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, 2 days ago, 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), a day ago.

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

In view that the transactions that can be reversed in this function is at across days, therefore related transaction accounting entries will be raised.