Rejected payment

NiaNia Member Posts: 18
edited July 15 in Accounts Hosted
Dear all,

I have an issue on recording the rejected payment on Reckon account hosted. So I have paid my supplier $440 inc GST for the work they done. However, we put the wrong bank account detail when we made a payment.

So, on the following day, the money bounced back to our bank account and we made another payment to clear the bill.
How do I record the rejected payment and the new payment to clear my related bill?

Thank you

Regards, Nia

Comments

  • John GraetzJohn Graetz Member Posts: 1,652 ✭✭
    edited July 15
    HI Nia.  I take the easy approach and have never been picked up by the auditors for taking this approach.  I don't record the return or the subsequent payment through Reckon, rather i just cross out the original debit and credit returned as showing on the bank statement when I do the bank reconciliation.  I know that others will not agree with me, but I take the easy and less cumbersome and time saving approach.  If you wanted to take what might be a more accountable approach, you would need to "undo" the original cheque, by allocating the cost to say a suspense account and doing the same offset for the return credit.  Then, for the second time around for the payment, you would need to do what you originally did when you recorded the payment.  John L G
  • ZappyZappy Accredited Partner Posts: 4,659 ✭✭✭
    edited August 2019
    Raise a credit for the bill and refund the credit with a second line to the bank
  • Colin ConnopColin Connop Member Posts: 4
    edited July 2017
    make first invoice to roger smith and then  credit his account with returned funds or a journal entries sort the problem with credit and debit or   make a slush ac in chart of accounts to put it credit and debit but otherwise bank register will be out! 
  • NiaNia Member Posts: 18
    edited March 2017
    Hi Kevin,

    Thank you for your reply.
    I tried to do the same thing before.
    However, the original invoice has stated as paid. it is impossible to create a new invoice as there will be double bills.
    So what should I do on the previous payment and original invoice?
    Do I just need to void the previous payment?
    Thank you

    Regards,
    Nia
  • NiaNia Member Posts: 18
    edited March 2017
    Hi John,

    Thank you. Will try to apply this approach.

    Regards,
    Nia
  • NiaNia Member Posts: 18
    edited March 2017
    Hi Collin,

    Thank you for your suggestion.

    Regards,
    Nia
  • ZappyZappy Accredited Partner Posts: 4,659 ✭✭✭
    edited June 2017
    Nia You can enter a credit for the expense and refund the credit by entering a second line allocated to the bank account. This will get the accounting, the bank and the GST right. Cheets
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