Recording changes to a processed electronic payment

[vsw]

Hi, this is my first post so here goes!

1. I processed an electronic payment to a number of suppliers.

2. One of the suppliers was overpaid by $1,460.25.

3. The supplier then repaid the full amount from the electronic payment ($3,069) rather than just the overpaid amount ($1,460.25) which would have matched the Returns & Debits amount.

4. In the Bank Feeds screen I have a Deposit for the full amount the supplier returned ($3,069) and a Withdrawal for the corrected payment amount ($1,608.75 - this isn't recorded in MYOB yet) and the difference between the Deposit and Withdrawal match the Returns & Debits amount.

5. I don't know how to record and tidy up these transactions.

Can anybody help?

Thank you.

[Tracey_H · Accepted solution]

Hi @vsw 

Thanks for your post and welcome to the Community Forum.

As the original payment has been matched with the bank feed it's best not to change any of the already recorded transactions. So to account for the refund and second payment you can do the following:

1. in Refunds & Debits click on Receive Refund for the overpayment debit ($1460.25) and record the refund to the bank account
2. record a new purchase for the second payment amount ($1608.75), as the original purchase transaction has been recorded correctly to the applicable accounts you can allocate this purchase to a suspense type account
3. record a Pay bills for the new purchase recorded above
4. record a manual debit for $1608.75 in Purchases by entering the amount as a negative, allocate to the same suspense type account as in Step 2
5. go to Refunds & Debits and receive a refund for the negative purchase ($1608.75)

The suspense account will be cleared out by the negative and positive purchase transactions. In your bank account you'll have two deposits for the two refunds, you can manually reconcile these in the Reconcile Accounts window and hide the bank feed transaction. You'll also have the withdrawal for the second Pay bills transaction to match with the bank feed withdrawal.

Please let me know if you need further help.

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

[vsw]

Tracey

thank you so much for such clear instructions.

[Tracey_H]

Hi @vsw 

You're very welcome, glad to hear this worked for you.

Please don't hesitate to post again if you need help in the future.