Correct a Canceled Payment in Payment Assistant

If a payment processed through Payment Assistant is canceled, the associated bank draft may still appear in the bank register as paid. This happens because the bank draft still needs to be corrected in Financial Edge NXT. With REPAY, a canceled status means REPAY has processed a stop payment request and refunded the money to your account. With BILL, a canceled status means you canceled the payment before BILL sent it, so no money moved, and canceling doesn't void the general ledger transaction. If you stop a BILL payment after it's funded, the status is Voided.

Tip: If you need to stop a payment before correcting it, see how to request a refund for the original payment.

If the Bank Draft Has Not Been Reconciled

  1. Void the bank draft. A message warns that voiding the bank draft doesn't stop the payment and can cause reconciliation issues.

  2. Reprocess the payment for the invoice using Payment Assistant or another payment method.

  3. Post any transactions generated by these steps, such as the payment reversal and the new payment.

Tip: To control who can void bank drafts, from Security, Role management, search for and edit the Shared components role assigned to the user. Then, select Show permissions for Bank accounts tasks and either clear or select the Bank drafts, Void permission.

If the Bank Draft Has Been Reconciled

  1. Record a manual journal entry in General Ledger. Use the reverse of the original payment distribution for the debit and credit accounts. Attach any documentation related to the canceled payment.

  2. Create a new invoice in Payables.

  3. Reprocess the payment for the new invoice using Payment Assistant or another payment method.

  4. Post any transactions generated by these steps, such as the payment reversal and the new invoice.

Notifications with REPAY

When a payment is canceled with REPAY, anyone who was involved in the payment run submission and approval receives notifications for canceled or returned payments.

  • An automated email confirming the refund to your bank account.

  • A follow-up email with details such as the vendor name, payment type, refund amount, and reason for the refund.

With BILL, BILL emails the payment users in your organization when it voids a payment.

Fees for Canceling and Stopping Payments with BILL

Note: Don’t see this yet? The ability to use BILL with Payment Assistant is currently in an Early Adopter Program (EAP) for some of our customers. Look for full support and general availability in a future release.

With BILL, there's no charge to cancel a payment that BILL hasn't sent yet. Stopping a payment that BILL has already sent includes a stop payment fee, and reissuing it also includes the cost of the new payment. Learn about costs for canceling or reissuing payments.