Overview of Reconciling Rejected Payments
When rejected payments are reported in the bank statement by your bank, the automatic reconciliation processes these payments with the original bank statement lines.
The following steps are performed by the Automatic Reconciliation process:
-
The automatic reconciliation process first completes the reconciliation of the regular transactions using the reconciliation matching rule set.
-
The remaining unreconciled reversal statement lines are identified by the bank transaction code and the reversal indicator.
-
The process looks back at 6 months of data to retrieve the original bank statement line that matches the same amount and the reconciliation reference available on the rejected bank statement line.
-
The automatic reconciliation process unreconciles the original statement line and automatically reconciles the rejected statement line with the original statement line.