Reverse Vendor Payment

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We incorrectly ran some Vendor Payments.  Went to reverse them, 5 reversed fine returning the remaining balance but 2 did not.  What are the steps to reverse a payment (noncheck)?

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  •  You should be able to just reject the payment and reprocess it as necessary.  What type of payment are the two?

  • Well, we are on 3.0 and they are Wire payments.

  • We manually post a General ledger journal entry to reverse wires.  Debit cash, credit Vendor. 

    You'll have to (1) manually unmatch/unsettle the invoice & wire payment record, to show the invoice as unpaid & (2)manually match/settle the wire payment with the journal entry reversing the wire payment.  At end you are left with one open transaction - the original invoice.

    To unmatch/unsettle the invoice & wire, in the Vendor form, click on the Functions button, select closed-transaction-editing.  Flag either on the invoice or wire payment (the matching pair will auto click) and click the reverse button.

    To match/settle the wire payment with the wire payment reversal (journal entry),in the Vendor form, click on the Functions button, select open-transaction editing.  Flag the wire payment & the journal and click on the Update button. 

    Hope this helps, :)

  • Thank you very much.  I was missing the gl journal entry step.