Electronic Payment and Reversal of Payment

OzCombined
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Electronic Payment and Reversal of Payment

Good afternoon Brain Trusts of MYOB

 

I have made an error in reversing a payment that the bank had reversed in an electronic payment.

 

Unfortunately, I have tried to correct it numerous times without coming here first and have made a royal mess of the situation.

 

I have attached a screen shot of the histrory of the transactions, i hope it helps.

 

I think at some point I have reversed a reversal as well.

 

So ultimately the purchaser is now showing that I owe double the amount now.

 

After the reversal I should only be owing $2164.29, but instead it is showing that I have a balance due of $4328.58.

 

I have also attached that window too.

 

I'm hoping someone has a solution for this travesty I have created for myself.

 

Thanks in advance

 

Cheers

4 REPLIES 4
Steven_M
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Re: Electronic Payment and Reversal of Payment

Hi @OzCombined 

 

Based on the screenshots, does look like a pickle with a couple of reversals and potentially some reversals of a reversal. The good news is that they are the same amount and the same date.

With these situations, it's a case of:

  1. Determining what the ultimate goal is 
  2. Working out what has happened
  3. Actioning a task(s) to get to that point (while not making it worse)

To my mind, it's a little unclear about the ultimate goal you are trying to achieve, however, I think we can get you back to just the open bill with one more reversal.

 

Just to give you an indication of the process here, you want to map out what has occurred, matching up the reversals - a charge and a payment will cancel each other out. 

Attachment.PNG

This leaves you with two charges - 1 is the original bill so that can remain. The other is the extra charge, reversing that one will give you an extra payment to which will cancel out that extra charge. Thus giving you the one charge which is the open bill. You'll then be able to reapply the payment as required.

Kind regards,
Steven

MYOB Community Support

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OzCombined
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Re: Electronic Payment and Reversal of Payment

Hi Steven

 

Thank you for your reply.

 

I have done what you explained and it worked. I am now with just the one amount owing.

 

Originally the situation that I was trying to fix was:

 

I had processed an electronic bulk payment for purchases and the amount $2,164.29 was in that payment.

 

It was rejected by the bank due to incorrect details, therefore showing up in my bank feeds as a credit.

 

That is when I went to reverse the $1,264.29 in the electronic payment and then did something wrong after that which caused the huge mess. So I tried to do it again and again, big oops!! I think I missed a step in that process and wasn't able to rectify that. So a big thank you for clearing that up for me.

 

So in the meantime, I did go and make that payment to the supplier as an individual payment.

 

So now in the bank feeds I am showing the original amount as a credit that the bank rejected from the Electronic Payment and the amount that I did end up paying the supplier.

 

I have not processed either in bank feeds as I know that the credit amount could make a mess of things.

See attached the bank feed showing both amounts.

 

Also in Supplier Register with the amount being open as I haven't allocated from bank feeds yet.

 

See below screenshots.

 

Thank you again for your help with this.

 

Looking forward to seeing the solution.

 

Cheers

 

 

Steven_M
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Accepted Solution Solved

Re: Electronic Payment and Reversal of Payment

Hi @OzCombined 

 

Terrific, great to hear that has worked for yourself.

 

The process I would have used for that overall situation would be:

  1. If not already created, use the Purchases>>Enter Purchases window to enter that purchase.
  2. If not already created, use the Purchases>>Pay Bills to enter the original payment transaction for that supplier.
  3. Process the electronic payment to the bank account using the Prepare Electronic Payments window
  4. Once processed, go to Setup>>Preferences>>Security and enable Transactions Can't be Changed They Must be Reversed.
  5. Open the Pay Bills transaction created as Step 2. Ensure that you have opened the individual Pay Bills transaction, not the electronic payment containing that Pay Bills transaction.
  6. Choose Edit>>Reverse Pay Bills transaction
  7. Record that reversal
  8. Navigate to Banking>>Prepare Electronic Payments, tick that negative/reversal transaction and process that payment.
  9. Re-do payment on the purchase when required using the Pay Bills window.

What the above process will do is, generate a withdrawal in the bank account (original payment), a deposit in the bank account (the reversal transaction) and another withdrawal (when correct payment has been entered). 

 

Based on the screenshots, I think might have got a little stuck as Step 7 and got into a reversal loop which caused you to reverse a reversal thus creating the initial situation. However, you should be able to just process the correct payment now and be good to go.

Kind regards,
Steven

MYOB Community Support

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OzCombined
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Re: Electronic Payment and Reversal of Payment

HI Steven

 

Thank you for your assistance.

 

All sorted now.

 

Cheers

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