How to Record and Process Returned Bill Payments
37 steps
|
3 minutes
1
Navigate to Brokerage Engine.
2
Click "Accounting" to navigate the BE Accounting interface.
Unlink Returned Bill Payment from Bill
3
Click the "Expenses" tab.
4
Click the "Vendors" option.
5
Click the "Search Vendor" field and type the name of the Agent.
6
Click on the name.
7
Click the "Transactions" tab.
8
Click the Action Button for the Bill that was returned.
9
Click the "payments made" button
10
Click the date with the hyperlink.
11
Click the checkbox for the Bill to unlink the Bill Payment from the Bill.
12
Click "Save"
13
Click "OK"
Create Journal Entry
This step replaces the Deposit since it will record the funds going back to the Bank Account.
14
Click the "Quick Actions" menu.
15
Click the "Journal Entry" option.
16
The date needs to be the date the funds were reverted to the Bank Account.
17
It is suggested that the Journal Entry Number references the Transaction.
18
Using the dropdown menu, select the Bank Account where the funds where returned.
The Bank Account can be found on the Bill Payment that was unlinked.
19
Write the funds returned on the Debits column.
20
Select the A/P Account using the dropdown menu.
The A/P Account can be found on the Bill.
21
Write the amount returned on the Credits column.
22
Using the dropdown menu, select the Vendor profile for the Agent.
23
Select the Class that corresponds to the Agent for both the Debit and Credit lines.
24
Click "Save"
25
Click "OK"
Create New Bill Payment
26
Navigate back to the Vendor profile for the Agent.
27
Click the "Transactions" tab.
28
Click the "+" button for the Bill.
29
Select a Bank Account.
30
Unselect the checkbox and record the Reference Number.
If issuing a Paper Check, the Bill Payment can be processed as usual.
31
Adjust the Payment Date if needed.
32
Select the Journal Entry to reduce the A/P Balance for the Agent
33
Select the Unapplied Payments checkbox to offset any credits.
34
Double check that the Bill Payment Amount is correct.
35
Ensure that the Bill Payment is not creating Credits.
36
Click "Save"
37
Click "OK"
