What happens if pre-payments are processed to an incorrect account?
To resolve the issues, you will need to complete either of the following:
1. Re-Creating the Prepayment Transaction in the alternative Bank Account.
Use this process if you would like to re-create the pre-payment in the Bank Account where the funds were deposited. You only really need to do this method if the invoice does not exist in Xero.
2. Apply a payment directly to the invoice
If you would rather apply the payment directly to the invoice (which was not available at the time of the prepayment), then you can do this as a payment to the Wise-Pay clearing account. This negates the need for the prepayment.
Option 1: Re-Creating the Prepayment Transaction
1. Copy down the details of the prepayments, so that you have the information on hand
2. Delete the prepayment from the check account
3. Click on the Manage Account button from the dashboard of the account where you want the prepayment to be created in (based on where the funds from IntegraPay will be deposited)
- Click on "New Review Money" from the menu
- Select Prepayment from the received as Menu at the top
- Enter the details into the Prepayment, ensuring the date, amount and references are all correct.
4. Make sure you apply the prepayment to the invoice being paid (later as a credit note on the invoice itself)
5. Ensure that the funds are reconciled to the Bank Deposit directly (not via the Wise-Pay Clearing Account).
Option 2: Applying a payment directly to the invoice:
1. Find the Prepayment in the Bank Account which the payment has been received into, and delete it.
2. Find the Invoice that you would like to pay, and apply a payment to the invoice, via the Wise-Pay Clearing Account, based on the amount of the payment received.
Prepayments are create to allow the system to allocate a payment received through Wise-Pay where an invoice is not yet available in the system to allocate the payment to. This is normally as a result of the invoices not yet being synced to Xero, or where the invoices are still in a draft approval status.
We recommend that you always sync as soon as you issue invoices, as clients can often be really excited to pay you.