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Post Info TOPIC: Do I need to record an overpayment that was refunded the same day for bank rec?
Mel_SG


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Do I need to record an overpayment that was refunded the same day for bank rec?
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Hi :) First post here. Usually I come here and find all the answers Im looking for but Im stuck on this one.

The problem: I had a supplier of ours take a payment for some stock items and when the payment was processed,some sort of glitch occurred and the payment was actually taken 3 times. The three separate payments are shown on our bank statement and also the refund for the 2 taken by mistake.

My question is what is the normal procedure that people take in this situation?

We've had an occasion were a fraudulent payment was taken and the bank refunded us straight away. Our accountant said it would be okay to leave off Sage and just "do a continuous reconciliation so that both entries are included ie from sheet of one entry to sheet of the other to be done as a full reconciliation". So Im wondering if I can treat my suppliers overpayment mistake the same way as this? I just wanted to hear what other people do.

(Im using Sage50 Accounts Professional)

Thanks in advance for reading and any help you can give



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GJRobbins


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I would just contra them off on the actual statements & not post them through Sage.

No real need to post them if they are purely bank corrections on the same day.

HTH

Jeremy

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Mel_SG


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Thanks very much, I appreciate your reply.

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Rizwan124us


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I agree with Jeremy. Just cancel the two extra payments with the refunds on the actual statement and carry on with the bank reconciliation.

Regards,

Riz

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Cheshire


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I agree with Jeremy too and have done this on a few occasions and just annotate on the Bank statement.

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Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
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