Payment rejected by bank and returned

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Payment rejected by bank and returned

I made a payment to supplier but had input wrong bank account details so bank has now refunded the money. I have paid the invoice in myob and now have the credit sitting in bank feeds as credit. How do i process this correctly?

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Re: Payment rejected by bank and returned

Hi @TSGTanya

 

The best way to deal with a returned supplier payment is to reverse out the Pay Bills transaction. You can do this via ensuring that Setup>>Preferences>>Security>>"Transactions can't be changed they must be reversed" is ticked. When that preference is enabled you can open the relevant transaction and selecting Edit>>Reverse payment. By doing this it will create a transaction in the bank account to which you can match to the bank feed transaction if required and it will also ensure that the Bill does remain open so you can make the required payment.

 

If the payment was made via Electronic Payments (i.e. using AccountRight's Prepare Electronic Payment function) it can complicate the process a little bit the process is still the same. You would need to go into the payment and reverse it, I ensure that you are going into the Pay Bills transaction NOT the Prepare Electronic Payment transaction that the payment was included in. Once that Pay Bills transaction has been reversed you can either go into the reversal and change the Pay from Account to be the main bank account OR tick that one, now negative, transaction in the Prepare Electronic Payments and create a bank file (as its a negative the file will not be created but the transaction is recorded in AccountRight). 

 

Do let us know how you get on and if you require further assistance.

Kind regards,
Steven

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Re: Payment rejected by bank and returned

Or option 2...

 

In this case I just post the returned deposit to a 'suspense' account.  Then when I make the payment to the correct bank account, I post that payment to the same account.

 

The two entries cancel each other out.

 

I have one client who has this happen often and I have created a liability account called 'Returned payments' and this is the suspense account I use.

 

Hope this gives you another option.

 

Regards,

 

Alan

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Re: Payment rejected by bank and returned

Thanks Steven, that was great. I was able to reverse the payment then process it through the electronic system back to the bank account as you mentioned to be able to reconcile in the bank feeds.

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