Duplicate payment means more than one payment made for the same services to meet the same need for the same client at the same point in time.

What is the risk of duplicate payments?

Duplicate Invoice Payments: How to Avoid Cash Leakage in Accounts Payable. Duplicate invoice payments occur far more often than most realize, resulting in cash leakage. It’s estimated that companies make duplicate payments at the rate of 0.1% up to 0.5%.

How do I find duplicate payments?

But just add an “A” to the invoice number or change a penny and you are on your way to a duplicate payment. Another common mistake is found in vendor files; duplicate vendor numbers for the same vendor is the number one cause of duplicate payments.

What is a duplicate prevention tool for payment processing?

The Duplicate payments optimizer Tool is a cloud-based solution that quickly and reliably alerts users of duplicate invoices. It can upload and validate huge numbers of records to identify duplicate invoices before the payment run. Here’s how it works.

How do I allocate the duplicate payment also?

The vendor refunded us the money. How do I allocate this money also? IF you entered the duplicate payment already and made it payable to the vendor, then you have a vendor credit on the books, in that case .. deposit the refund and use accounts payable/vendor name as the source (from) account for the deposit.

How to pay an invoice with a duplicate payment?

Then go to pay bills, select the bill the deposit made, and apply the vendor credit, save IF you have not entered the duplicate payment yet, enter it and use an other expense account (leave the pay to blank), then enter the deposit and use the same other expense account as the source account for the deposit (do not select the vendor name)

Where can I find a duplicate payment matrix?

The table below provides an internal controls matrix in which I identify the: 1st Column: Accounts Payable Process Impacted: This is the specific accounts payable process in which a duplicate payment error can occur. The three main process areas are: 1) The Supplier Master, 2) Invoice Processing, and 3) P-Cards.

When do you get a refund for a duplicate payment?

A duplicate payment is an error which can be made by any of the two parties involved. If it is your mistake kindly and humbly apologize for it. When a party makes a duplicate payment sometimes due to some error, then the amount is then refunded by the party receiving the payment.