Unknown Deposit

Mathilda

Hi all - just a quick one ...

 

I have followed instructions from previous posts on allocating unknown deposits into a holding account until the customer has been identified.  I have created an account (type - c/card) under liabilities called Unknown Deposits - Holding Account (using N-T as the tax code which may be the problem because no info was given regarding the tax code) and posted the payment in there.  I have since identified the customer and allocated the payment to their account by "Receive Payments", changing the account to that holding account and entering the payment to the correct customer.  

 

My question is, when I go to the Accounts List now to see if that holding account is in fact clear, there is a negative balance of the tax amount for that payment that was made.  I have checked the cutomer's account and the full amount was allocated there, so their account is correct.  Then I tried changing the tax code to GST to see if that would make a difference but it was just the same, so I changed it back to N-T.

 

Is this something I need to change some other way or worry about?

 

Thanks in advance for your help.

Tracey_H

Hi @Mathilda 

 

Thanks for your post. You've got the process for unknown deposits correct but it sounds like there's a problem with when GST is being charged. GST is only accounted for in the sale invoice, not when payment is received so there shouldn't be any GST appearing in either the Receive Money or Receive payments transactions. As such, there wouldn't be GST posted to the holding account.

 

For example, when I process a sale transaction GST is included in the sale:

 

 

Payment is received and I record a Receive Money transaction and allocate it to the Unknown Deposit account, tax code N-T, no GTS is included in the transaction:

 

 

 

I then record a Receive Payments transaction, changing the Deposit to Account to the Unknown Deposit account, no GST is included in the transaction:

 

 

If I go to Find Transactions and filter by the Unknown Deposit account, the total payment amount appears as a debit and credit, clearing the account back to zero:

 

 

I'd recommend going over your transactions and checking for when GST has been included. When a transaction is open press Ctrl and R on your keyboard to recap the transaction, that will show you the actual journal posted and all accounts affected.

 

If you need further help screenshots would be great. Just make sure you remove any sensitive information before posting screenshots on the forum.

 

Please let me know how you go.

 

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