Reversing an electonic payment to receive funds.
Hello
In December we incorrectly paid a supplier with many others in our regular payment run through Electronic banking.
The payment was reversed.
The reversal now sits in Prepare Electronic Payments as a negative amount.
In January the supplier returned the funds and the deposit is sitting in our bank feed.
How do I marry the two transactions?
Regards
Elizabeth
Hi ANoakes
Sounds like you have done most of the hard work and reversed out that payment.
To deal with the bank feed you would want to complete the following steps:- Navigate to Banking>>Prepare Electronic Payments
- Tick the necessary negative transaction. You will encounter a message similar to the following - select OK.
- Select Bank file on the Prepare Electronic Payments window. This will process a transaction to the bank account for that amount (a deposit).
- Once you have dealt with that payment it will then be a matter of going to Banking>>Bank Feeds.
- Navigating to the payment and selecting Find.
- Choose that transaction you have recorded and selecting Match & approve.
Steps 5 and 6 are optional steps depending on your settings.
The above process generates a withdrawal in the bank account from that negative payment in the Prepare Electronic Payments window. This withdrawal can then be matched to the bank feed transaction.
