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Returned Payment - incorrect bank details

Chellie22051

I have paid two separate purchases in two separate ABA files. Both payments have been returned to our bank due to incorrect bank details.

I need to pay the invoices again correctly, but how do I allocate the deposit in our bank feeds correctly.

This will ensure my bank rec matches.
TIA :-)

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Accepted answers

Earl_HD

Hi @Chellie22051,

To correctly allocate the returned payments in your bank feeds and ensure your bank reconciliation matches, first record the incorrect payment as usual if you haven't already done so. Then, navigate to Setup >> Preferences >> Security and enable "Transactions Can't be Changed, They Must be Reversed". Open the initial incorrect payment transaction, go to Edit >> Reverse Payment, and record the reversal. Finally, redo the payment correctly with the correct bank details.

Once the new payments are processed and appear in your bank feed, allocate them to the corresponding supplier invoices.

If you're still having issues, make sure to reach out to our support team directly. You can reach them on Live Chat via our virtual assistant, MOCA or by submitting a support case via MyAccount.

Regards,
Earl

All comments

Rhodes

I had the same problem with returned ABA file from one contact out of list of ten. If I reversed the payment it went back to Electronic Payment Code with a negative symbol next to the amount. If I try to receive Money in the bank feed it will only select a Customer contact - not a Supplier contact.

Solution -

Find the original transaction where the supplier was paid from Electronic Payments
Reverse the Electronic Payment back to the customer

The Purchases Register should then show that the transaction is still due for payment.

However

This creates a negative amount in Electronic Payment Account Code

Solution -

Click Prepare Electronic Payment
Select the negative amount listed in the display
Ensure that the Account you are using for bank feed is the account displayed at the top of screen
Ensure that the date is correct as per the bank feed
Click the Bank file

A warning message will state that it will be recorded but there will be no bank ABA file.

Agree and record OK

The bank feed then will match the Deposit returned back into the account.

Genreve_S

Hi @Chellie22051,

Individual bounce-back payments from electronic payments are usually recorded as Receive Money transactions in the file. Linking the Receive Money transaction to the right supplier card will also account for the supplier payments/credits.

Regards,
Genreve

Chellie22051

the original payment is part of large ABA payment file sio i cant undo that as it matches the bank feeds. I need to know how to allocate the returned deposit so i can then make the payment again through the bank. The original payment and return of funds is December and the new payment is January.

Princess_R

Hi @Chellie22051,

Since the transactions are already reconciled, you'll first need to undo the reconciliation and then reverse the original payment. The reversal will now show up in the Prepare Electronic Payments window. Select the reversal, click on Bank File, and then click OK to record the electronic payment transaction. You can match this negative electronic payment transaction with the deposit in the bank account. For more detailed steps, check out this article.

Cheers,

Princess

Chellie22051

the original payment was in an ABA file with other payments. That has been reconciled and matched.

How can i record the deposit of the returned payment?

Earl_HD