Hello all,
This is a complicated issue that one of our clients is facing so I will do my best to explain. I have discussed this issue with several different CPAs and didn't get back any concrete answers.
Our client creates an AP EFT batch to pay their vendors. They send 10 transactions with a total of 100k to the bank. One transaction, in the amount of 10k, fails (because of the account number, etc). The bank still takes the total 100k but then sends our client back 10k in several days.
Our client is notified of the error, and voids the payment in GP so that they can pay the invoice again. The issue is that the bank still took the full 100k and shows that on the bank statement.
If the original transaction was on 10/25 and the void date is 11/02, then the payment still shows up in the reconcile ending on 10/31. The transaction actually hit the bank so we need to check it. If we check it, GP says it is already been voided. If we try to enter a transaction for 10k, remove the GL batch, and then check it off instead, our book balance is incorrect because we have 2 checks listed for 10k each.
If the amount is voided in the same month, the balance is off by 10k and we still have to enter a 10k transaction (remove GL batch) to reconcile.
Has anyone ever had this issue and/or know the best way to handle in GP.
Thanks!
291,280
