We have a situation… After making payment to supplier and marked as cleared by the bank, customer reconcile and post the entry. However, sometime same clearance is rejected due to some mismatch or tech error reported from supplier’s bank.
In such a scenario is it possible to void the reconciled payment? If No, any work around suggestion?
In bank account master there is AP Reconcialition and AR reconcilation. On activating this bank account gl context for “cash” is not hit but AP Pending Cash and AR Pending Cash gl account context is hit depending on whether we are doing Payment Entry or Cash Receipt Entry .
Once they have physical bank statement if the transaction appears in bank statement which signifies that is cleared user can go ahead and match the transaction in bank statement processing . This will Credit the Cash context in Bank gl control code and debit the AP pending cash.
If the transaction is not cleared for whatever reason user an go ahead and void the payment or cash receipt.
Hope this solves the issue
Can’t do anything after posting. You will have to enter a miscellaneous invoice to some clearing account, and then pay it. After payment a bank adjustment will have to be done to the clearing account.
Thanks everyone for your input… much appreciated