Enter payment adjustments to correct payment transactions that have been entered incorrectly or require modification.

Payment adjustments help maintain accurate account balances and payment records by allowing you to correct errors, reverse incorrect postings, or make approved changes to previously recorded payments. This process ensures that account activity accurately reflects the actual payment history.

What Happens When You Enter a Payment Adjustment?

When a payment adjustment is entered:

• Payment records are updated to reflect the correction.

• Account balances are adjusted accordingly.

• Payment history is updated to maintain an accurate audit trail.

• Reports reflect the corrected payment information.

• Any overpayments, underpayments, or posting errors can be resolved.

When Should You Enter a Payment Adjustment?

Enter a payment adjustment when:

• A payment was entered for the wrong amount.

• A payment was applied to the wrong account.

• A payment transaction needs to be corrected or reversed.

• An overpayment or underpayment requires adjustment.

• A previously recorded payment contains an error.

Before You Enter a Payment Adjustment

Review the following information before proceeding:

• The account affected by the adjustment

• The original payment transaction

• The adjustment amount

• The reason for the adjustment

• Any required approvals or supporting documentation

Verifying this information helps ensure that payment records remain accurate and that adjustments are applied correctly.

Note: Payment adjustments modify account balances and payment history. Review all adjustment details carefully before completing the process to maintain accurate financial records.

Enter a payment adjustment 

Update the payment amount or payment details.

Do this...

1. Open Connect Property Improvements > Owners > Enter Payment Adjustments.

2. Fill in the payment adjustment form.

3. Press Enter to move through the remaining fields, or click Save (CTRL+S).

The payment adjustment is saved.

Delete payment adjustments

Remove a transaction that records a payment adjustment.

Do this...

1. Open Connect Property Improvements > Owners > Enter Payment Adjustments.

2. Use the same date as the date when the original transaction was created.

3. Click Delete (CTRL+D).

4. Next, fill in the Delete Payment Adjustments form.

5. Click OK.

The adjustment is deleted.

Options

Account

An account is an accounting record that shows increases, decreases, and a balance.

Do you know the account number?

• I know the account number. Use the Account field to enter a valid GL account.

• Help me find the account number. Use the Account menu to select Search. Use the Search form to look up the account number.

Action

The action refers to the transaction type. You can use this routine to refund unapplied payments or reverse applied payments. Use refund unapplied payments to return an amount to a payee. Use reverse applied payments to back off a payment.

What do you want to do?

• I want to return an amount to a payee. Use Action to select Refund Unapplied Payment.

• I want to back off the payee. Use Action to select Reverse Applied Payments.

Adjustment summary

The adjustment summary grid to view a log of adjustments that have been made on the input date.

Amount

Use Amount to enter the adjustment amount.

What is the adjustment amount?

• I want to add an amount. Enter an amount, followed by the minus sign (-), and then click Save (CTRL+S) to complete the entry.

• I want to subtract an amount. Enter an amount, then click Save (CTRL+S) to complete the entry.

Check number

A check number is a unique number that is assigned to each check.

Is the payment type a check?

• Yes, the payment type is a check. Enter the check number, printed at the top of the check, in the Check Number field.

• No, the payment type is cash, credit card, or other. Leave blank the Check Number field.

Date

The Transaction Date is the date the system will use to record the entry.

Do you want to use the current date as the transaction date?

• Yes, I want to use the current date. Continue to the next step.

• No, I want to use a different date. Click on the Input Date field to enter a MM/DD/YYYY.

Description

A description is a word or phrase that describes the character or features of the transaction.

Do you want to use the default description?

• Yes, I want to use the default description. Continue to the next field.

• No, I want to use a different description. Click on the Description field, and then type in a new description (up to 40 characters).

Reference number

In New mode, the Reference Number is a read only number. The first digit, the underlined digit in 1.01 is the reference number. The digits that follow the decimal place make up the sequence number. In the previous example, 1.01 is the sequence number.

In Edit mode, you can type in reference number to look up a transaction.

Source ID

The source ID is a user-defined field that allows you to save a last name or code with the transaction. This field is optional.

Do you want to record the source ID?

• Yes, I want to record a source ID. Use the Source ID field to record the information.

• No, I do not want to record a source ID. Continue to the next step.