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EFT voided and Received Check from Vendor

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Posted on by Charlotte Bowser

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A payment was issued electronically to the incorrect vendor. The EFT was voided, and the vendor submitted a check to reimburse the payment.

Since the EFT was voided, the purchase amount is not correct since we received a check back.

How do I process a payment without posting to our cash account, so there are no issue for the bank reconciliation?

Thank you,

Charlotte

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Microsoft Dynamics GP

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Joseph Markovich 3,976 on at

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Hi Charlotte-

If the payment was voided, is the invoice now sitting in open in Payables waiting for a payment to be applied to it again?

Or was this some kind of prepayment to the vendor?

What I would do is REDO the EFT payment to the vendor -- even though it is wrong. You'll need to show the money going out (since it did go out).

Then the check from the vendor -- enter a Return transaction in Payables Transaction Entry. This will undo the amount billed/paid to the vendor AND let you show this as a receipt to the bank account.

When you enter the deposit to the bank account after you deposit the check, this will show up in Bank Deposits to update the checkbook.

The Return transaction is essentially the "undo" feature.

I hope this helps.

Thank you.

Joe

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Carlsen2121 30 on at

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A really good post, very thankful and hopeful that you will write many more posts like this one. PeopleNet PFM

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