How to allocate -Reversal of Direct Entry
Dear Team Need help to allocate the reversal of entry. As we paid one of the supplier bill on 30/10/2023 and it appeared as a reversal of debit entrynafter few days , now how can I approve and ...
Forum Discussion
Dear Genreve,
Here it is.
The payment was made on 31/10/2023 and bounced back on the above date.
Now how can I allocate this amount? Really need a help
Hi Anil7852,
Thank you for the response and the attached snippet.
Unfortunately, I will need to see all the transactions connected to this payment in the bank feeds and in the pay runs. As we will need to match the bank feeds to the pay runs/pay run reversals in the system. If you feel that the information on those screenshots is sensitive, feel free to send the screenshots in a private message instead.
We look forward to your response.
Thanks,
Genreve
Hi Anil7852,
We haven't received any updates from you regarding your concern since Wednesday.
Feel free to provide more information regarding your concern if you still require any further help.
Thanks,
GenreveDear Genreve,
I can not share all the files due to security reasons, however, I can explain again to make it clear.
We had an invoice, we made a payment last month and reconciled it as paid, but it bounced back to our account later this month cause there was an issue with the bank details.
Again we made a payment which is successful.
Now, how can I allocate these two payments I mean one bounced bank amount and another one that we made after bounced back to us.
We already reconciled the invoice earlier and made it paid.
How can I work in this case?
Here find the attached.
Hi Anil7852,
Thank you for the response and the screenshot you've attached. We appreciate your efforts in clarifying the concern.
The bank feed transactions show what happened in the bank. In this case, you processed a payment that was successful. This payment has bounced back, resulting in a bank feed transaction that has the same amount as a debit.
To match the bank feed transaction, you will need to create a reversal transaction to match that debit transaction. This can be done by going to the Preferences > Security tab window and marking the option "Transactions CAN'T be Changed; They Must be Reversed [System wide]". This would allow you to reverse the transaction, which will record a transaction with the opposite values of the initial transaction.
Also, I suggest reading through this article, Reversing a Transaction. This would help in the process of creating a reversal.
I hope this answers your question. Feel free to let us know if you require any further assistance with this.
Thanks,
Genreve
