How to Reverse a Returned Bill Payment with the Reverse Journal Entry function
Overview:
In this article, we will cover how to record a returned Bill Payment using the Reverse Journal Entry function. Please find the available resources below.
- Sometimes a Bill Payment is returned by the bank due to insufficient funds, incorrect banking details, a closed account, or a rejected ACH transaction.
- To avoid disturbing previously recorded entries, BE Accounting provides a Reverse Journal Entry function that allows for the recording of the returned funds directly in the Bank Register as a Deposit. This method keeps the original Bill Payment transaction intact, preserving historical records.
Quick Reference:
Link to Full Step-by-Step Guide
