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Reverse Payment made to Vendor in error

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Posted on by lynnid 34
Somehow a vendor was set up as having an ACH bank account (which it did not) and BC automatically noted the payment on these invoices when the invoices were posted.  However, they have not been paid and are not due for a couple of months.  I have unapplied the payment and it shows the Posted Invoice as unpaid - but I cannot reverse the payment as /You can only reverse entries that were posted from a journal./
How can I get these payments removed or reversed?  It is messing up the vendor aging as well as our bank account.
 
Categories:
Financial Management
  • Verified answer
    Valentin Castravet Profile Picture
    Valentin Castravet 8,311 Super User on at
    Reverse Payment made to Vendor in error
    You can manually create a journal entry that credits your bank account and debits the vendor. If the original payment entry had document type as payment, then this manual journal entry should have the document type as refund. You can then apply these two entries to each other in the vendor subledger. 
     
    In your bank reconciliation you can pull these two entries in the bank statement lines pane to reconcile them to eachother. 
     
     
    Valentin Castravet
    Zander ERP Services
  • Suggested answer
    Judy Profile Picture
    Judy Microsoft Employee on at
    Reverse Payment made to Vendor in error
    HI, if a vendor payment has been applied in error and needs to be reversed, you can try to unapply entries in order to make the correction.

    Select the relevant ledger entry, typically this will be the payment and then choose Process, then Unapply Entries.

    Fd4-8rQ4N_NpGLYg_n-elgDEtsHzDuD86.png

    Hope it helps.
    Best Regards,
    Judy

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