Use this program to reverse two types of payments:
returned checks due to non-sufficient funds (NSF ) - If your bank returns a customer’s check due to insufficient funds, you can enter an NSF payment adjustment to reverse the payment as well as charge a bank fee to the customer for the returned check. These reversals are based on the information recorded in the initial cash transaction. If you cannot find the transaction on the system, you can enter a manual Misapplied/NSF payment adjustment.
payments that were posted to an account in error - If you post a payment to an account in error, you can enter a misapplied payment adjustment to reverse the payment on the account where the error was made. To adjust the account, use the Enter a Customer Payment routine.
If
electronic check authorization (ECA )
is active on your system, you cannot use this process for electronically
processed check payments.
If an installment
contract or revolving plan was paid off as a result of a misapplied payment,
that installment contract or revolving plan is reinstated after the misapplied
payment is adjusted using this process.
If reversing a misapplied online credit/debit card payment, the following
occurs.
--The payment being misapplied is reopened by posting a misapplied adjustment
credit to the closed payment, resulting in the payment being reopened.
--Because there is no interaction with external credit/debit processing,
the credit/debit card is not refunded.
--A manual post is created for the misapplied online credit/debit payment
that can then be applied to the proper payment due or adjusted off the
account.
Once the information for an adjustment has been completed, select Add to process the misapplied/NSF adjustment. The Misapplied / NSF Payment Results screen appears.