Payment Difference Handling

Payment Differences may be handled directly from the bank statement. To do so, payment difference reasons must be setup. A payment difference reason determines how the payment difference is posted in the general ledger.

6 predefined payment difference reasons come with the app, but they are inactivated by default. Administrators may add more payment difference reasons.

1. Setting up Payment Difference Handling

1. Enable the feature under Setup > Company > General Preferences > Custom Preferences > ERP Fast Four Bank Reconciliation
2. Go to Setup > Bank Reconciliation Setup > Setup Payment Diff Reasons
3. Click on Show Inactives
4. Review the standard reasons and activate if you wish to use them. 
5. For the standard reasons Bank Fees (customer), Bank Fees (vendor) and Exchange Rate, edit the reasons and select the appropriate account. IMPORTANT failing to do this may result in incorrect transactions when using these reasons on the bank statement.
6. Add additional reasons as you require

2. Using Payment Difference Handling

1. Open the popup on a bank statement line
2. Select a transaction. Make sure that the remaining amount of the transaction is more then the payment on the bank. This is an underpayment.
1. Select a payment difference reason that is applicable to underpayments (if you select a reason applicable to overpayments you will get an alert)
2. The remaining amount of the transaction is automatically filled in. NOTE: for foreign currency transactions the remaining amount may not be correct (for example the payment difference shows 3.85 instead of 5). The user has to correct this manually before proceeding.
3. Start again and select a transaction that has an amount remaining less then the payment on the bank. This is an overpayment.
1. Select a payment difference reason that is applicable to overpayments (if you select a reason applicable to underpayments you will get an alert)
2. The paid amount not yet reconciled is automatically filled in.