My client recorded 3 employee wages and then paid them when they shouldn't have.
The process they followed.
1. Recorded three wages
2. Paid 3 wages electronically with ABA file
3. Reversed 3 wages
4. Recorded prepare electronic payment of 3 reversals. (no ABA file created) to this point the electronic clearing account balances
5. Money returned from employees
My problem is I now have an inbalance in the electronic clearing account.
What am I missing?
TIA
Hi booksplus
Thanks for your post. Based on the information you provided the electronic clearing account would have a debit for each of the pay transactions and a credit for each reversal. So up to step 4 sounds correct with no out of balance in the electronic clearing account.
The next step would be to check how the repaid amounts were handled. As these would be separate deposits into the bank account, the reversals would need to be processed as 3 separate electronic payment transactions to match with bank feeds. If they were processed as one electronic payment transaction has your client recorded another transaction to match with the bank feed?
If you're still having trouble locating the cause of the out of balance can you send me a screenshot of the Find transactions window>>Account tab>>Electronic clearing account.
Please let me know how you go.
If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.
