General Ledger Reconcile Bank Account Correcting Payments
Reconcile a Bank Account - Correcting Payments
Bank Payment is a higher amount than the SedonaOffice Check to a Vendor
If your bank processed a check for an amount higher than what your check shows in SedonaOffice, you will need to do one of two things:
a. Contact the Vendor and request a refund for the overpayment.
b. Contact the Vendor and notify them of the overpayment and let them know you will need a credit posted on your account for the amount of the overpayment.
Regardless of which option is selected, you will need to use the Write Checks function to write a check to the Vendor for the amount of the overpayment. We recommend setting up a GL Account to use for these situations; an expense type account labeled Bank Over/Under Payments. When writing the check for the amount of the overpayment, make certain to use the date of the original check that was overpaid by your bank; this check will then appear on the bank reconciliation form. Instead of using a check number, the original check number followed by OP (3019 OP) in the check number field. Entering the original check number as part of the check number provides a better audit trail.
If your Vendor has agreed to issue a credit on your account, create a Vendor Credit using the same Bank Over/Under Payments GL Account for the expense account on the Vendor Credit. This credit may then be applied to other bills for the Vendor during the next bill payment session.
If your Vendor will be sending your company a check for the overpayment amount, when the check is received, process through Accounts Receivable Payment Processing to your Miscellaneous Cash Customer and apply the payment in the Miscellaneous GL account section of the Other payment application area; select the Bank Over/Under Payments GL Account.