Reversals of Entries Clause Samples

The "Reversals of Entries" clause defines the process by which previously recorded accounting entries can be corrected or nullified. In practice, this clause allows for the identification and rectification of errors or adjustments in financial records, such as when a transaction was recorded incorrectly or needs to be amended due to new information. By establishing a clear method for reversing entries, the clause ensures the accuracy and integrity of financial statements, helping to prevent the perpetuation of mistakes and maintain reliable records.
Reversals of Entries. (a) General Procedure: Upon proper and timely request by Customer, Bank will use reasonable efforts to effect a reversal of an Entry or File. To be “proper and timely,” the request must (i) be made within five (5) Business Days of the Effective Entry Date for the Entry or File to be reversed; (ii) be made immediately, not to exceed ten (10) hours, upon discovery of the error; and (iii) be accompanied by an ACH Adjustment Request Form and comply with all of the Rules. In addition, if Customer requests reversal of a Debit Entry or Debit File, Customer shall concurrently deposit into Customer’s Account an amount equal to that Entry or File. Customer shall notify the Receiver of any reversing Entry initiated to correct any Entry it has initiated in error. The notification to the Receiver must include the reason for the reversal and be made no later than the Settlement Date of the reversing Entry.
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Reversals of Entries. The Online Banking Product allows the Company to edit or delete ACH entries and files up to the cut-off time (6:00 am ET) one day prior to the effective date of the file. Company shall have no right to cancel or amend any entry after its receipt by FI. Under no circumstances shall the FI be liable for interest or related losses if the requested reversal of an Entry is not affected. The Company shall reimburse the FI for any expenses, losses or damages it incurs in effecting or attempting to affect the Company's request for reversal of an Entry.
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Reversals of Entries. General Procedure: Upon Customer’s proper and timely request, Provident will use reasonable efforts to make a reversal of an Entry or File. To be “proper and timely,” the request must (i) be made within five (5) Business Days of the Effective Entry Date for the Entry or File to be reversed; (ii) be made immediately, not to exceed ten (10) hours, upon discovery of the error; and (iii) be accompanied by an ACH Adjustment Request Form and comply with all the Nacha Rules. In addition, if Customer requests reversal of a debit Entry or debit file, Customer shall concurrently deposit into Customer's Account an amount equal to such Entry or File. Customer shall notify the Receiver of any reversing Entry initiated to correct any Entry it has initiated in error. The notification to the Receiver must include the reason for the reversal and be made no later than the Settlement Date of the reversing Entry. Under no circumstances shall Provident be liable to Customer for interest or related losses if the requested reversal of an Entry is not made. Customer shall reimburse Provident for any expenses, losses, costs, liabilities or damages Provident incurs in fulfilling or attempting to fulfill Customer's request for reversal of an Entry.
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Reversals of Entries a. Upon proper and timely request by the Company, Bank will use reasonable efforts to effect a reversal of an Entry or File. To be “proper and timely,” the request must (i) be made within three (3) Business Days of the Effective Entry Date for the Entry or File to be reversed; (ii) be accompanied by a Reversal/Cancellation Request form and (iv) comply with all of the Rules. In addition, if the Company requests reversal of a Debit Entry or Debit File, it shall concurrently deposit into the Account an amount equal to that Entry or File. Company shall timely notify the Receiver of any reversing Entry initiated to correct any Entry it has initiated in error. The notification to the Receiver must include the reason for the reversal and shall be made no later than the Settlement Date of the reversing Entry. Bank may require Company to provide to Bank a copy of such notification to Receiver. b. Under no circumstances shall Bank be liable for interest or related losses if the requested reversal of an Entry is not effected, and Company agrees to indemnify, defend all claims and hold Bank harmless from any loss, damages, or expenses, including but not limited to attorney's fees, costs and expenses incurred by Bank as the result of its efforts to reverse any Entry at Company’s request.
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Reversals of Entries 
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