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Check payment stopped by the bank but settled by the ERP system
January 29, 2024
Q. AP stopped a check at the bank but our ERP system settled it somehow. Now we need to "Unsettle the payment" in the system so we can reissue via EFT.
AP has access to do this, but in my previous job, it was always Accounting as it seems to be a SOX control. Does anyone know if it should be AP or accounting, and is it a SOX control?
A.
(Answered by the IOFM Advisory Panel)
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In my company, Accounting unsettles the payment so that AP can void and reissue. We also keep clean documentation on…
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