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