Incorrect bank details entered

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Experienced Cover User
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Experienced Cover User
Australia
Experienced Cover User

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Incorrect bank details entered

Hi, I paid an invoice and entered the incorrect bank details and the bank returned the money. This was paid off the invoice. I have since re paid the invoice to the correct bank details. I now have the payment that was returned from the bank and the repayment of the invoice sititng in my bank feeds. How do i fix this in MYOB? Thankyou 

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MYOB Moderator
37,527 Posts
MYOB Moderator
New Zealand
MYOB Moderator

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Re: Incorrect bank details entered

Hi @Kaz11 

 

The general process for this situation would be as follows:

 

  1. Record the (incorrect) payment as per normal - if you haven't already done so.
  2. Navigate to Setup>>Preferences>>Security and enable "Transactions Can't be Changed, They Must be Reversed".
  3. Once that has been enabled, open the initial payment transaction that was recorded incorrectly. 
  4. Go to Edit>>Reverse payment
  5. Record the reversal
  6. Redo the payment correctly.

What the above process will do is show the initial payment transaction as a withdrawal from the bank account, a deposit for the transaction for that reversal and then another withdrawal from the bank account for the correct transaction.

 

Note: If electronic payment transactions have been used, the process will still be the same. You just want to ensure that you do reverse the Pay Bills transaction inside that electronic payment. Tick and process that transaction through the Prepare Electronic Payments window before redoing that payment.

Kind regards,
Steven

MYOB Community Support

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