reversing payment entry incorrectly recorded as money out.

Question asked by Katie Dick 9 years ago

How do we reverse incorrect entry from the bank on the paid invoice... i.e.

Instead of checking the payment box from the invoice screen, the payment was recorded as 'money out' from the bank and reconciled... which deleted the reconciliation history in the bank screen. It also means that the invoice is recorded as unpaid and appears on the home page as 'overdue'. If we correctly now record this as paid and remove it from the 'overdue' page it will show up in the bank as paid twice putting the balances at odds.

We tried to correct this with a journal entry but it hasn't worked. Can any one suggest how we can fix this please.

HELP!!!

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Is it sitting in Money > Unallocated cash? If so, head in there then click allocate.

If not, can you go into the bank to delete the payment and start over? Unless it's stuck in a VAT return you should be able to.

If neither of those work....

You'll first have to do a 'Money In' to mimic the original incorrect 'Money Out' transaction. Do it as a refund and copy the same VAT position and account code you incorrectly used first time round.

That will then put things back to square one so you can pay off the invoice as you usually would.

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9 years ago

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