The following Accounting Activities should be used to facilitate the return of EFT rejections and the replacement of these rejections in the Ledger as well as providing a proper audit trail.
The MANUAL INITIATE/UNPAIDEFT Accounting Activity has been created for use when the bank returns entries generated from REGULAR PMT, ADHOCPAYMENT or INITIALPAYMT.
This Accounting Activity does not have a Money Movement and EFT Rule. It will merely record in the FUND/OPERATIONAL Ledger the fact that money has been returned, to facilitate the Bank Reconciliation and the fact that open items need to be actioned in the Returned Payments Control Account. This Accounting Activity debits the BANK account and credits the RETURNEDPMTS account.
In addition, the MANUAL INITIATE/REPAYMENTREF Accounting Activity has been set up in order to refund the return once the relevant information has been obtained.
The MANUAL INITIATE/REPAYMENTREF Accounting Activity debits the RETURNEDPMTS account and credits the BANK account in the FUND/OPERATIONAL Ledger. The MANUAL INITIATE/REPAYMENTREF Accounting Activity does have a Money Movement and EFT Rule and will report on the Bank Transfer Report.