Bank Payment Error - Partial Refund
I routinely complete payments to suppliers by uploading the ABA file. For the first time, there was a banking error with one supplier and these funds were returned immediately. I am aware that it was a bank issue, as I contacted both the supplier and the bank. The supplier did not change banking details, and the bank advised me there were no issues from my end. I contacted the supplier and they confirmed there were issues with their bank. Coincidently, we both use CBA.
How do I account for this as:
- The funds will now sit separately in the BankFeed
- There is no refund from the supplier because it is a banking error
- The supplier will still need to be paid, even though MYOB will have it recorded as being paid.
Thanks for the advice.
Hi BKD2007
There's more than one way to fix this. Personally, I would code the refund to a suspense clearing account (setup in the Balance Sheet N-T) and then repay them and code the repayment back tot the same suspense account.
Cheers
Liz