FAQ: "Originally I received a payment that needed to be moved or split to another account inside a different Association. Now, I've received a notification that this payment has been returned by the bank. What do I need to do?"
There are special considerations when processing a Bank Return if the original payment was moved to an owner in a different Association. Before we dive into the process, let's discuss some background topics.
- There are only two places in the system where money will move at the Bank-Level between Associations:
- In the Lockbox
- Using a Payment Adjustment > Move Payment to Another Owner function.
- Processing a Bank Return only writes a book-side item on your financials, it does not move any money at the Bank level.
Returning a payment that has been moved to another Association requires a two-step process to complete.
Step 1: Move the Payment BACK to the Original Owner. See Processing a Move Payment for more details.
This will move the money back to the original Association at the bank level.
Step 2: Process the Bank Return as normal. Processing Bank Returns using the Bank Return Action Item (All Clients)
This will give you an item to reconcile against, and keep your books in balance.