What happens if a pre-payment is processed to an incorrect account?
If a pre-payment was accidentally processed to an incorrect account you can resolve the issue by completing 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 need to use this method if the invoice do 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-Sync clearing account. This negates the need for the prepayment
Re-creating the Prepayment Transaction
- Copy down the details of the prepayment, so you have the information on hand
- Delete the prepayment from the check account
- Click on 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
- Select the prepayment from the received as Menu
- Enter the details into the prepayment, ensure the date, amount and references are all correct
- Make sure you apply the prepayment to the invoice being paid (later as a credit note on the invoice itself)
Applying a payment directly to the invoice
- Find the Prepayment in the Bank Account which the payment has been received into
- Delete the prepayment
- Find the invoice that you would like to pay
- Apply a payment to the invoice via the Wise-Pay clearing account based on the amount of the payment received
Prepayments are created 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.