I am looking for guidance, please, on the best practise for managing the payment of vendors using the Payment Journal and then importing the bank statement using the Payment Recon. Journal.
The scenario is as follows:
Use the Payment Journal, suggest vendor payments, export bank file using the AMC functionality, upload the payment batch to local bank and then Post the payment batch. This updates the Vendor sub ledger, matches the payments to the related invoices and posts the credit to the Bank Account and to the associated bank GL Account.
Following day, use the Payment Recon Journal to import the bank statement from the local bank, using the AMC bank import, which populates the journal with the latest transactions, one of which is the payment made the previous day to the vendor(s).
Issue: the vendor payment transaction has already been posted via the Vendor Payment process and so cannot be posted to the bank account again.
From what I can see, there are two possible options:
1. Delete the vendor payment transaction(s) from the Payment Recon Journal before posting, or
2. Setup and use a different bank account for the Vendor payment process that is associated with a suspense GL account. Apply the Vendor payment transaction(s) in the Payment Recon Journal to the same suspense account when importing the bank statement.
Disadvantage of option 1 is that user may mistakenly delete the wrong transaction(s).
Disadvantage of option 2 is that it requires additional setup and user needs to remember to use the one bank account for vendor payments and the other for Payment Recon Journal.
Or, is there another best practise way that I don't know about?
Look forward to your feedback. Thank you.
