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Established Member

Reversing an EFT

I have been paying my vendor by EFT and recently one of my vendors changed bank accounts. I sent an EFT and it was returned to me because the vendors bank account was closed. I have already done the bank rec, but how do I account for the returned payment with out messing up the bank rec?

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Established Community Backer ***

Re: Reversing an EFT

A bank rec should not have that eft marked off, since it should not have been on the bank statement - it was not a complete transaction

 

make a deposit in that amount and use a clearing expense account as the source account for the deposit

then send another eft to the vendor, and use that same clearing expense account as the expense (reason) for the payment

 

check off the original eft and the deposit against each other when you recon