Received a payment but can't identify who it is from
Hi, I've received several payments lately that I can't identify. Just wondering the best way to account for these. Usually customers speak up after I send out statements and identify their payment. But no one is claiming these payments. Thank you.
Hi Samlghm
Thanks for your post. If you are unable to match payments with customers you could record the payments to a suspense account until you find which customer they belong to.
Record a Receive Money transaction for the payment amount and allocate it to the suspense account. When you find the customer the payment belongs to, record a Receive Payments transaction and change the Deposit to Account to the suspense account.
The receive money transaction allows you to record the payment for reconciliation purposes. Changing the Deposit to Account in the receive payments transaction clears the suspense account and allocates the payment to the customer without affecting the bank account.
The thing to keep an eye on when doing this is the tax codes, you don't want to pay GST on both transactions. And it's also a good idea to make sure the suspense account is cleared prior to lodging your BAS.
Please let me know if you need further help.
If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.
