Forum Discussion

OzCombined's avatar
OzCombined
Experienced Cover User
4 years ago

Electronic Payment and Reversal of Payment

Good afternoon Brain Trusts of MYOB   I have made an error in reversing a payment that the bank had reversed in an electronic payment.   Unfortunately, I have tried to correct it numerous times w...
  • Steven_M's avatar
    Steven_M
    4 years ago

    Hi OzCombined 

     

    Terrific, great to hear that has worked for yourself.

     

    The process I would have used for that overall situation would be:

    1. If not already created, use the Purchases>>Enter Purchases window to enter that purchase.
    2. If not already created, use the Purchases>>Pay Bills to enter the original payment transaction for that supplier.
    3. Process the electronic payment to the bank account using the Prepare Electronic Payments window
    4. Once processed, go to Setup>>Preferences>>Security and enable Transactions Can't be Changed They Must be Reversed.
    5. Open the Pay Bills transaction created as Step 2. Ensure that you have opened the individual Pay Bills transaction, not the electronic payment containing that Pay Bills transaction.
    6. Choose Edit>>Reverse Pay Bills transaction
    7. Record that reversal
    8. Navigate to Banking>>Prepare Electronic Payments, tick that negative/reversal transaction and process that payment.
    9. Re-do payment on the purchase when required using the Pay Bills window.

    What the above process will do is, generate a withdrawal in the bank account (original payment), a deposit in the bank account (the reversal transaction) and another withdrawal (when correct payment has been entered). 

     

    Based on the screenshots, I think might have got a little stuck as Step 7 and got into a reversal loop which caused you to reverse a reversal thus creating the initial situation. However, you should be able to just process the correct payment now and be good to go.