Payment of invoices via Interac e-Transfer

Question

In November 2014 I received an invoice from a vendor and using the accounts payable module I entered the invoice into Sage 50. 
 In December 2014, to pay the vendor's invoice I emailed them an Interac e-Transfer. This meant the bank withdrew the money from our account and held it until the vendor could accept and receive the Interac e-Transfer. 
 Still in December 2014, I entered the payment for the vendor's invoice into Sage 50, commenting that the payment was made via Interac e-Transfer. 
 On December 31, 2014 I reconciled the bank account for the month of December 2014 - no issue. 
 In January 2015 I learned that the vendor is not able to accept Interac e-Transfers and thus I had to cancel the Interac e-Transfer. This in turn means that the amount that was held aside by the bank, has now been deposited back into the chequing account. 
 I will now need to write a cheque to the vendor to pay the November 2014 invoice. 
 
 My question: how do I handle this into Sage 50? 
 The dilema as I see it: I have to show in Jan 2015's account rec, the deposit back into the chequing account. What exactly is this "deposit?" (I know that sounds like a stupid question.) 
 
 I'm very confused :( 
 
 Anyon e able to help? 
 
 Thanks, 
 Kristine

P.S. in case you are wondering, I have since learned the difference between an Interac e-Transfer and an EFT . Turns out it doesn't make sense for us to subscribe to the service that enables us to pay invoices via EFT so that is not a viable option at present.

Debbie Klassen CGA · Accepted Answer

From the Sage Knowledgebase: 
 Reverse Vendor payment 
 1.In the Home window, under the Payables (Vendors & Purchases) module, click on Payments . 
 2.In the To the order of drop-down box, select the vendor for whom you need to reverse the payment. 
 3.You will need to show fully paid invoices by clicking on the menu Payment, and Include Fully Paid Invoices/Prepayments if the invoice was paid in full. 
 4.Change the Paid By box to Cash 
 5.Change the From box to select the correct account in which to record the reversal. 
 6.Add info to the receipt number (i.e. NSF, stale-dated, reversed, void,...) 
 7.Change the date to the date your bank reversed the payment. 
 8.In the Payment Amount column, enter the amount as a negative on the line where the invoice appears. 
 9.Enter any Comment you may want to include. 
 10.Click Process/Post .

Sage 50 Canada

Payment of invoices via Interac e-Transfer

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