How to Fix Payments Being Voided in Sage Intacct

Encountering voided payments in Sage Intacct without a corresponding record of the payment being voided in Bill.com can be confusing. This often happens when a payment that has already synced to Sage Intacct is updated in Bill. com—such as changes made to the memo field. Sage Intacct does not permit updates to payments post-sync, leading to the original payment being voided and reissued. This guide provides a step-by-step solution to manage and rectify this situation, ensuring your financial records remain accurate and consistent.

Understanding the Issue

Before diving into the solution, it’s crucial to understand that Sage Intacct’s policy of voiding and reissuing payments upon updates in Bill.com is a designed feature, not a flaw. This mechanism ensures that the integrity of your financial records is maintained, preventing discrepancies between Bill.com and Sage Intacct.

Key Takeaways

Business Void Payments: Payments sometimes need to be voided when they are issued for the wrong amount, when a check is stolen or lost or when they become invalid for any other reason.

Additional Assistance With Sage Intacct: The Sage Intacct Resource Center's Community Hub is a great place to find fast advice from experienced Sage Intacct users

Outsourced Accounting Services for Businesses: The software, however, is much more complex and comes with more features than accounting software targeted to small and medium-sized businesses.The software, however, is much more complex and comes with more features than accounting software targeted to small and medium-sized businesses.

In the event that a payment mistake or some other unforeseen snafu occurs, the payment must be canceled and void, and then replaced with the correct one.

Fix Step-by-step Payments Being Voided in Sage Intacct

Step 1: Verify the Payment Status in Both Systems

1. In Bill.com:

1. • Navigate to the Payments section.
   • Locate the payment in question and review its details, including any recent updates or changes.
2. In Sage Intacct:
   • Go to the Payments module.
   • Search for the payment and note its status. If the payment has been voided, there should be a new payment entry that corresponds to the update made on Bill.com.

Step 2: Reconcile the Voided Payment

If you find a payment voided in Sage Intacct due to an update in Bill.com, follow these steps to reconcile:

1. Review the Reissued Payment:
   • Identify the reissued payment in Sage Intacct that corresponds to the updated payment in Bill.com.
   • Verify that the details match the updated information in Bill.com, especially the memo or any other modified fields.
2. Ensure Accuracy:
   • Double-check the amounts, dates, and payee information to ensure everything matches across both platforms.

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Step 3: Prevent Future Issues

To avoid future occurrences of payments being voided due to updates, consider the following practices:

1. Finalize Details Before Syncing:
   • Ensure all payment details are final before syncing the payment from Bill.com to Sage Intacct. This includes double-checking memo fields, amounts, and payee information.
2. Communicate with Your Team:
   • Inform your team of the importance of finalizing payment details before syncing. This can prevent unnecessary voids and reissues.
3. Regular Reconciliation:
   • Regularly reconcile payments between Bill.com and Sage Intacct to catch and correct any discrepancies early on.

Conclusion

While it might seem troubling at first to find payments voided in Sage Intacct without a corresponding action in Bill.com, understanding that this is a normal process designed to maintain the integrity of your financial records is key.

If you’re still facing this issue, reach out to our experts.

Here Are Some FAQs For Related Topics

Q. What causes payments to be voided in Sage Intacct when they aren’t voided in Bill.com?

A. Payments get voided in Sage Intacct and not in Bill.com when an update is made to payment in Bill.com after it has already been synced to Sage Intacct. Sage Intacct does not allow updates to payments post-sync, which leads to the original payment being voided and a new payment being issued.

Q. Is it normal for payments to be voided and reissued in Sage Intacct due to updates in Bill.com?

A. Yes, it is normal behavior. Sage Intacct is designed to maintain the integrity of financial records, which means it does not permit updates to payments once they have been synced. Therefore, any updates made in Bill.com result in the original payment being voided and a new payment being reissued in Sage Intacct.

Q. How can I reconcile a voided payment in Sage Intacct?

A. To reconcile a voided payment, you should locate the reissued payment in Sage Intacct that matches the updated payment in Bill.com. Verify that all details, including the memo, amounts, and payee information, are accurate and reflect the changes made in Bill.com.

Q. What steps can I take to prevent payments from being voided in Sage Intacct?

A. To prevent payments from being voided, finalize all payment details in Bill.com before syncing to Sage Intacct. It’s also helpful to communicate with your team about the importance of finalizing payment details pre-sync and conducting regular reconciliations between Bill.com and Sage Intacct to ensure all records match.

Q. What should I do if I find discrepancies between payments in Bill.com and Sage Intacct?

A. If you discover discrepancies, review both the voided payment in Sage Intacct and the corresponding payment in Bill.com. Ensure that any reissued payments in Sage Intacct accurately reflect the updates made in Bill.com. If discrepancies persist, consider reaching out to support for both platforms for further assistance.