In this case, the invoice and the payment transactions must be "voided" and re-entered using the correct vendor as described below.
1. Use the Void an AP Check program to remove the incorrect check record from the Bank file (the remove option will allow the operator to reassign the same check number to the correct vendor).
2. Once the AP check has been voided, use the AP Invoice Entry program to create a credit memo to offset the original incorrect invoice. The credit memo should be for the same amount and should be charged to the same GL accounts used on the original invoice. The vendor should be the same as the vendor on the incorrect invoice.
3. Apply the credit memo created in the previous step to the original incorrect invoice using the AP Credit Memo Application program.
4. Use the AP Vendor Lookup program to verify that the incorrect vendors account has been corrected.
5. Re-enter the invoice and payment information using the correct vendor record.