Much of my work is reimbursed through EFT. Depending on the vendor it is sometimes a chore to figure out where to credit the payment. There has never been a problem until now. My bank shows five deposits of 75.00 each and the vendor insists that there were six deposits of 75.00 dollars. I know my accounting is correct. How can this happen? Let me know if you have ideas. Thanks

Question your financial institution? It's possible they may have made a mistake.

Demand a statement from both banks on the proofs of transactions.

I plan to do that. I am curious as to what could have happened. I have no reason to doubt the vendor. Does this money just show up in Joe Blow's account,instead of mine? I have no idea as to the inner working of EFT and how such a mistake could take place.

I hate dealing with banks on these matters. It took me five hours of my time to recoup 65 bucks when someone altered one of my checks and they stupidly cashed it. Oh, it took four months and filling out a long form.

It's not hard to figure.

A. Transaction #6 never happened.
B. Transaction #6 was posted to the incorrect account. (can happen by error of code (application error), or if automation is down, by "human" entry)

Really the only two likely scenarios.

Most EFT are double ended "message".

Amount transferred from A to B.
A records when B accepts.
B records A remitted.
End both get the memo it occurred.

Thank you. That is what I was looking for.
Appreciate your help.

Good Friday can screw up transactions. Some come through before closing, others get credited the next Monday. And I've had a bank pay a check for more than I wrote it for too.

quote:

Originally posted by ZSMICHAEL:
Thank you. That is what I was looking for.
Appreciate your help.

Certainly. And Rick Lee is correct. I missed that other possibility of it being properly routed/handled, but not posting due to processing time cutoff.

Hope it does not cause you effort to track it down. Hard enough trying to run a business than to have to run the business of all the other businesses you have to do business with.