How to Handle a Negative Payment Amount
Summary
Due to the way FINET handles negative payments, it is best to
process negative payments as a credit on the same document as a greater or
equal payment. The positive payment does not need to have the same coding as
the positive payment. If you are not going to process a positive payment from
the vendor for a considerable period, you are better off requesting a check from the vendor rather than a credit.
How FINET handles a
payment document with negative balance
If a negative amount on a payment document is greater than the positive amount, FINET puts both amounts on the table and waits until there is enough positive payment amounts to accommodate the negative. Once there is enough positive payments to accommodate the negative amount, FINET will make the payment. If enough positive payment amount never accumulates, the positive payment amount in FINET will never get paid out. To avoid this issue, it is safer to never process a negative payment amount, particularly for a vendor that is not used frequently. If you have processed a negative payment amount and then receive a refund payment, you need to 0 out the negative amount on the payment document.
Related Articles
Moving PBIET Debits and Credits from Old Year to New Year
Steps to move debits and credits to new year: 1) Create modification. 2) Copy exchange details, and then modify amount to zero while specifying fiscal year and period (Example: FY 2023 and Pd 13.) 3) Paste exchange details into new line on that tab, ...
Make a Partial Payment
Background This article is in reference to making a partial payment. (Please see the Knowledge Base article titled "Receive a Partial Payment" for information regarding a partial cash receipt). A partial payment is made when only a portion of the ...
Can I process a negative amount PRC in order to correct a contract?
No, a negative amount is not possible for a PRC. If a payment was approved under the wrong contract, you would need to have the original PRC cancelled, including the associated disbursement (i.e. AD or EFT transaction shown by clicking Transaction ...
Payment Plus Information
Background What is Payment Plus? Payment Plus allows vendors who meet certain requirements to receive payments as Visa payments through US Bank. Payments made to vendors signed up for Payment Plus will go to the US Bank VISA account and US Bank will ...
QRG - Creating inventory payment
(A copy of the QRG with screenshots can be found here: https://drive.google.com/file/d/1GBv1GsDsgW4yhk0o_2u7_OPLlwcVX8Ws/view ) Introduction The process is designed to allow the user to enter the quantity on the payment request when the Receiver (RC) ...