Prepare Electronic Payments holds negative values

SusieExpTech

PLEASE HELP

 

I had 2 invoice payments returned to my bank feed because the supplier changed banks.

 

I amended the new bank account in the suppliers card and I reversed the paid invoices. At end of month the Invoices were paid again, this time correctly.

 

I received the refunded amounts from the bank feed as a Receive Money.  The "Deposited to" account is the Bank Account that the money came bank to, and the account that I recorded against in the list section was Undeposited Funds account. I was able to then reconcile my Bank Feed for Month of April.

 

Now when we pay anything via Prepare Electronic Payments, the two amounts are there as negatives. What do I do so that everything reconciles? Ive read in the Community that I need to do a Bank File. But that records these two amounts to the account for my Bank Account, which then doesnt reconcile for the month of April.

 

The Invoices are paid - how to do I just accept this returned money bank into my bank account in an easy way

Tracey_H

Hi @SusieExpTech 

 

Thanks for your post. If I understand what you've done correctly your Undeposited funds account still has those amounts outstanding so doesn't reconcile either. To clear both the electronic payments window and undeposited funds account:-

 

1. go to Prepare Electronic payments
2. select the negative transactions
3. click on Bank File, because it's a negative figure this will record the transfer transaction in AccountRight without creating an ABA file. There will now be a deposit in your bank account.
4. go to Prepare Bank Deposit
5. select the negative transactions
6. click on Record, this will transfer the amount to the bank account as a withdrawal
7. you should now have a deposit and a withdrawal for the same amount in the Reconcile Accounts window, tick both transactions as they clear each other out.

Going forward the best process for this situation is:

 

1. go to Transaction Journal and find the electronic payment transaction (not the Pay Bills transactions)
2. reverse the electronic payment transaction, this creates a deposit in your bank account which you match with the refund bank transaction. It also puts the Pay Bills transactions back into the Prepare Electronic Payments window
3. go to Prepare Electronic Payments 
4. create the new bank file for uploading in your bank

You don't need to reverse the Pay Bills transaction because the software will pull the updated bank details from the supplier card at the time of creating the ABA file. And you don't need to record a Receive Money transaction as the reversal creates the deposit transaction in your bank account.

 

If you do reverse the Pay Bills transactions:

 

1. go to Prepare Electronic payments
2. select the negative transactions
3. click on Bank File, because it's a negative figure this will record the transfer transaction in AccountRight without creating an ABA file. There will now be a deposit in your bank account.
4. match that deposit with the bank transaction for the returned amounts
5. don't record a Receive Money transaction

Please let me know if you need further help.

 

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