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How to process a returned payment due to incorrect bank details

in Payables, Payments & Cash Management 4 comments

Summary:

A payment has been returned by the bank due to incorrect bank account details
As the payment has a status of 'Cleared' it is not possible to void the payment and release the invoice available for payment to the correct bank account.

Could anyone please suggest a recommended approach to re-issue the payment without impacting the invoice and payment accounting?
The transactions will also need to be reconciled in Cash Management.

I have reviewed other posting relating to cleared payments, but there are no suggestions on how to re-issue the payment.

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