Follow

Auto-reconcile canceled payments

Question:

 Once a payment has been posted, you sometimes need to "cancel" it.  This can be done by simply right+clicking the outgoing or incoming payment document and choosing "Cancel".  That process creates a new entry to reverse the payment posting.

Can the original payment and the reversal entry be auto-reconciled?

Answer:

The answer is no, when you manually cancel a payment, it is not auto reconciled.The reason is that the cancellation is not always something that should auto reconcile.

Sometimes you make a mistake and need to just cancel the payment, this might make sense for an auto-reconcile.  But other times, you might be canceling a payment because it was a cancelled check or for some other legitimate reason. 

In these scenarios, you would want to have both transactions in the Bank Rec and reconcile each one individually.

 

Version 4.5.1.0

Was this article helpful?
0 out of 0 found this helpful
Have more questions? Submit a request

Comments