Failed ACH payments result in incorrect cleared deposits
Subject: Failed ACH payments result in incorrect cleared deposits
Here is the scenario...
- Two separate tenants pay via ACH on the same day, let's say $500 each
- Both deposits show on the VT deposit form, so we create a $1,000 bank deposit
- The bank receives a $1,000 deposit, so we clear the Rentec deposit
- We later receive notification that one of the $500 ACH payments was rejected
- The Rentec system automatically updates the $500 payment (that was already deposited and cleared through the bank) setting it to $0, making the cleared deposit now $500 (though it is still actually $1,000) in the bank
- VT deducts $500 from our bank (separate transaction) to compensate for the failed ACH payment
- Now we have a mess. We have to undo the incorrect $500 deposit so we can edit the $0 payment returning the $0 payment back to $500, then remake the deposit so it matches
the actual bank deposit of $1,000. Then, we have to make a separate -$500 rent payment from the tenant whose ACH payment failed that will match the $500 withdrawal transaction that VT will pull from our bank.
It would be better for us if Rentec did "not" zero out the tenant's failed ACH
payment that actually was deposited in the bank (therefore making our cleared deposits wrong). Instead, it would be better if Rentec left the $500 payment (that ended up failing) and added a -$500 payment reversal for the tenant when the payment fails that will match the $500 that VT will be withdrawing from the bank.