HI,

I processed an EFT manually through our bank. Everything looked fine... the money came out of our bank, I cleared the payment through bank rec. Now, 5 days later, the bank has rejected the EFT and returned the funds to my account. How can I void the payment once it has been cleared in bank rec? There does not seem to be an NSF button (it was not NSF, but should work the same way) and there does not seem to be any way to void the payment once it has been cleared.

Thanks,
Donna

Hi Donna,

Payments in BankRec can be Reversed via the Bank Reconciliation process. This generates the accounting to put the cash back into the bank GL account as well as the other side of the entry, and restores the invoices that were paid by the EFT (when the payment is reversed in Payables).

Since this is a support question rather than a general inquiry, I will move this thread to that forum.

HI,

My problem is that the payment cleared my bank, therefore I posted it as cleared in the Bank Rec. It is no longer available under the Reconcile process.

Thanks,
Donna

Donna:

If you cleared the payment then it is no longer available to reverse. All you can do is post a deposit in BankRec as a misc cash receipt. The GL account number to use would be your clearing account. In AP post a Debit Note to the vendors account using the same GL clearing account. If you haven't run period end in AP yet you will be bale to apply he debit note to the original invoice to make it outstanding again.