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Fabulous_WM's avatar
Fabulous_WM
Experienced Cover User
5 years ago
Solved

bank file error

Hi

 

I just noted that the amount on bank feed doens't match with the amount on the payment register as you can see below.

 

 

 

 

 

I think the bank file included the first line of $182.13 so I can't match the payment on bank feed

Can anyone advise me how to fix this difference on bank reconcilation? I can't match the payment on bank feed since the amount doesn't match.

 

Thanks so much!

 

 

 

ABA bank file
  • CloverQ's avatar
    CloverQ
    5 years ago

    Hi Fabulous_WM 

     

    This dilemma occurred because negative payments are not included in the bank file, because they cannot actually be processed by the bank. A warning message will display to explain this behavior whenever a negative amount is selected from the Prepare Electronic Payments screen:

     

     

    The correct way of doing it would be ticking the positive payment and its reversal only, net amount being $0, click on 'Bank File' to clear them from the list first, then tick all the positive payments that'll be actually be paid then generate the real bank file. In your situation, the positive 182.13 payment was included in the bank file, but -182.13 was not. Therefore, your supplier was indeed over paid.

     

    I'd suggest contacting your supplier to work out whether this overpaid amount will be refunded, or stay as a credit to be applied to your future purchases. From the AccountRight side, you can delete/reverse the electronic payment recorded, then ticking only the positive figures to record the electronic payment of $1400.58, matching what happened in real life. If the overpayment was refunded, you can go to Prepare Electronic Payment, ticking the negative figure only then click on Bank File to clear it from the list, it will deposit the amount into the main bank account. If it remains as a credit, you can apply this debit note to future bills.

     

    I hope this helps. Please feel free to let us know how you go.

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  • CloverQ's avatar
    CloverQ
    Former Staff
    5 years ago

    Hi Fabulous_WM 

     

    This dilemma occurred because negative payments are not included in the bank file, because they cannot actually be processed by the bank. A warning message will display to explain this behavior whenever a negative amount is selected from the Prepare Electronic Payments screen:

     

     

    The correct way of doing it would be ticking the positive payment and its reversal only, net amount being $0, click on 'Bank File' to clear them from the list first, then tick all the positive payments that'll be actually be paid then generate the real bank file. In your situation, the positive 182.13 payment was included in the bank file, but -182.13 was not. Therefore, your supplier was indeed over paid.

     

    I'd suggest contacting your supplier to work out whether this overpaid amount will be refunded, or stay as a credit to be applied to your future purchases. From the AccountRight side, you can delete/reverse the electronic payment recorded, then ticking only the positive figures to record the electronic payment of $1400.58, matching what happened in real life. If the overpayment was refunded, you can go to Prepare Electronic Payment, ticking the negative figure only then click on Bank File to clear it from the list, it will deposit the amount into the main bank account. If it remains as a credit, you can apply this debit note to future bills.

     

    I hope this helps. Please feel free to let us know how you go.

    • Fabulous_WM's avatar
      Fabulous_WM
      Experienced Cover User
      5 years ago

      Dear Clover

       

      My supplier refunded the money back to us so I followed your instractions and it worked fine.  I managed to do bank reconcilation without any issues. I can't thank you enough for your help!

       

       

      • CloverQ's avatar
        CloverQ
        Former Staff
        5 years ago

        Hi Fabulous_WM 

         

        Thank you very much for providing us the update. I'm glad to hear you've resolved it with your supplier and successfully completed the bank reconciliation!

         

        If there's anything else you need assistance of, please feel free to browse and post on the forum again at any time!

    • Fabulous_WM's avatar
      Fabulous_WM
      Experienced Cover User
      5 years ago

      Hi Clover

      Thanks for your reply. 

      I didn’t see the warning message so I didn’t know this could be an issue. If I had the message, I wouldn’t have processed it until I checked it with you. Anyway it’s already been processed so I need to fix it correctly.

      I rang customer support this afternoon and I was told to create a dummy invoice to match the overpayment and use pay bills or create an expense account with spend money option.  She told me this is the only option I have but I think your way sounds more accurate. 

      I emailed my supplier and waiting for their reply on this matter. Once I receive it, I will try to fix it as you advised and let you know.

       

      Thanks so much for you help.