Forum Discussion

citywest's avatar
3 years ago

Electronic transfer / Bank feed

We have paid a supplier via a electronic transfer and was advised after payment that the bank account details were incorrect. The money has come back into our account and we have re paid the invoice direct deposit. I now have two amounts in my bank feed, one deposited and one withdrawal that I cant allocate. The amount paid dd needs to be allocated to invoice that is showing paid via the initial electronic transfer. Do I reverse this payment? If so what do i do from there

 

Thank you

  • LRBooks61's avatar
    LRBooks61
    Ultimate Cover User

    hi

     

    the simplest way to deal with this is to allocate the bounced entry and the corrected entry to the same gl account as they will reconcile the bank but effectively cancel each other out.

     

    You could set up a clearing account in the gl or allocate as per the original invoice allocation ( do a recieve Money and a spend money transaction). just make sure that the entries are exactly the same 

     

    hope that helps

     

    Lisa