Hi Consultant,
Please advise how to clear the negative figure from prepare electronic payments? This payment has been processed and paid. The negative figure was due to payment bounced back(wrong bank details) into our bank acccount.
I am still waiting this to be resolved, anyone able to help me please?
Hi JYKS,
I appreciate your patience and apologize for the delay in my response.
The ledger should accurately represent real-world transactions. If a payment has been returned by the bank, it would be advisable to remove the electronic payment from the file and re-enter it with the correct dates, rather than reversing it. You have two potential courses of action: you could create a journal entry to adjust the figures, or you could delete the electronic payment and its reversal, then re-enter the electronic payment with the correct dates. However, it would be beneficial to consult with an accountant or financial advisor to determine the most appropriate method for recording these adjustments."
In the meantime, feel free to create a new thread if you require any other assistance.
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Thanks,
Genreve
