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 a canceled status means REPAY has processed a stop payment request and refunded the money to your account, but the bank draft still needs to be corrected in Financial Edge NXT.

If the bank draft hasn’t been reconciled:

  1. Void the bank draft.

  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.

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

When a payment is canceled, anyone who has a role assigned with Bank drafts, Void permission selected will receive notifications for canceled/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.

Tip: To configure the permission, 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.