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:

  1. 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

  1. 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

  1. Check the account reconciles to zero.

  • Accounting > Adjustments >Manual Bank Reconciliation

  1. Confirm with the creditor the correct bank details and update STRATA Master.

  • Manage > Creditors

  1. Re-enter the invoice details referencing the original invoice and noting that this is a replacement payment

  • Accounting > Enter Creditor Invoices

02/02/2016 10:44 am AEDT

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