We have discovered a payment we received back on May 6 has been allocated to the incorrect invoices. What is the best way to fix this? Can i simply delete the payment and then re-apply? Does this have any issues in terms of the bank account being reconciled?
Thanks,
Steve
Hi Steve_Smith
If the bank account has been reconciled, I would be doing a reversal of that payment and then redo the payment for the required date. The reason for this is that you are not touching the already reconciled transaction - what you will end up with is a withdrawal (the reversal) and a deposit (the correct payment) for the same amount (and typically the same day) in your next reconciliation. Ticking those transactions off in that next reconciliation will have no impact on the account balance - a withdrawal and a deposit for the same amount cancel each other out.
If the payment has not been reconciled then likely deleting and redoing it would be the way to go.
