ProAdvisor
This widget could not be displayed.

Re: Sent a wire payment, but it was reversed. The reversed amount is less than the original wire.

Hi there @T1gerK:

@lynda and I want to help you (and others) out with your tricky transaction.  So, it is our understanding that you paid your vendor using an expense and then the payment was sent back with the fees deducted from the bank.  Your original bill from your vendor was $1,500.00.  You paid $500 and then that payment was returned as $455 and a bank fee charged for $45.00.  You wanted to know how to show the correct total bill paid and reflect the bank charges as well.

In this video, we walk you thru the above scenario and demonstrate how to tackle this intricate transaction.



Basically, you need to do the following:

 

First we demonstrate the initial bill in the system for 1500.00 and the previous payment for 1000.00 This leave you with an outstanding balance of $500 on the bill.

 

  1. Pull up the vendor that had the bill, in our example we used your screen name. and locate the expense that was pushed through the bank feed but not matched as a bill payment.
  2. Go to the expense (wire) of $500.00, open it and add the bill from the tray to turn that expense into a bill payment. This will make the bill paid in full
  3. Now to document the returned wire transfer:
  4. Go to the bank feed screen.
  5. Find the deposit transaction for $455 (which was the $500 -$45 fee).
  6. Open it by clicking "add" and then click the split button on the screen.
  7. Add the vendor name FIRST and then the account accounts payable there for the first line.
  8. Enter the amount of $500.
  9. Drop down a line and add the expense for the bank fee to bank service charges and a minus -$45.00 line item.   This will make the transaction net at $455.00
  10. Once you complete and save all the steps above , it will raise the balance for that vendor back up by the $500 that was returned.
  11. Go back to the vendor and pay the remaining balance of $500.00. against the Accounts Payable Balance.

 

Now, we hope that we understood your question.  If not, please reach out to us.  We are here to help you!