Direct Entry Payment Returned – Incorrect Bank Account Details (General Trust)
Where the rejected direct entry payment is returned to the originating bank account it will appear in a download report as a deposit transaction. There may also be a returned payment fee.
The following steps are required to reconcile the bank account:
- Receipt Returned Funds
- Accounting Receipting > Other Receipt to Owners Corporation
| Receipt Type | Other Receipt Type |
| Account | All Accounts > Select the expense account used to make the original payment. (Refer Form Reports > Cash Payments Report) |
| Amount | The amount of the returned payment |
| Banked | Set the receipt as BANKED, dated as per the returned entry on the bank statement |
- Process Bank Charge for Returned Payment (if applicable)
- Accounting > Adjustments > Journal Entry > General Ledger
| Debit | Your bank charges expense account |
| Credit | Cash at Bank |
| Date | As per the bank statement entry |
| Amount | As per the bank statement entry |
| Description | Returned payment fee |
- Check the account reconciles to zero.
- Accounting > Adjustments >Manual Bank Reconciliation
- Confirm with the creditor the correct bank details and update STRATA Master.
- Manage > Creditors
- Re-enter the invoice details referencing the original invoice and noting that this is a replacement payment
- Accounting > Enter Creditor Invoices