Forum Discussion

PatrishaO's avatar
PatrishaO
Contributing User
4 years ago

Reconciling accounts

Hi Im new to all of this and slowly working things out. I have gone to reconcile accounts and have noticed that some of my clients have the same deposit amount and withdrawals on the same day.  All ...
  • Tracey_H's avatar
    Tracey_H
    4 years ago

    Hi PatrishaO 

     

    When an order is converted to an invoice AccountRight transfers the deposit amount to the Trade debtors account, this transaction is the Transfer from deposit transaction in your screenshot. Once the order has been converted to an invoice you can't just delete the payment, you need to reverse the invoice first. This help article has step-by-step instructions for that: Customer deposits

     

    Before you do that though, I'd do a full audit of all the accounts associated with that transaction. Looking at the Reconcile Accounts window you've got two deposits and one withdrawal, with the net result being one deposit which I think is correct. You may not need to delete and re-enter the payment if all accounts are correct.

     

    Another really handy tip for AccountRight, when you have a transaction window open type Ctrl+R on your keyboard to recap the transaction and show the actual journal posted in your software.

     

    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.

Tracey_H's avatar
Tracey_H
Former Staff

Hi PatrishaO 

 

Thanks for your post. In AccountRight clicking on a zoom arrow opens a transaction so that you can see the type and details of that transaction:

 

 

In the Reconcile Accounts window I'd click on the zoom arrow for one of those withdrawals so that you can see exactly what that transaction is and how it was recorded. If you need help working out what's happened please provide screenshots of the deposit transaction, withdrawal transaction and the reconcile accounts window. Please make sure you remove any sensitive information from screenshots prior to posting on the forum.

 

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

PatrishaO's avatar
PatrishaO
Contributing User
4 years ago

I screenshot the withdrawls one and noticed the deposit one said exactly the same thing.

  • Tracey_H's avatar
    Tracey_H
    Former Staff
    4 years ago

    Hi PatrishaO 

     

    Thanks for those screenshots. In the Receive Payments window the status of that transaction is Order, indicating that it hasn't been converted to an invoice yet. If you go to Setup>>Linked Accounts>>Sales accounts, the account for I track deposits collected from customers needs to be a customer deposit liability account.

     

    If you have selected the bank account here and recorded a payment against an order you will see the transaction as both a withdrawal and deposit in Reconcile Accounts. You'll need to change that linked account to the liability account. 

     

    I'll give you some help articles with detailed information to assist you:

    What are linked accounts? 

    Converting an order to an invoice

    Customer deposits

     

    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.

    • PatrishaO's avatar
      PatrishaO
      Contributing User
      4 years ago

      Thankyou so much that did help. I ended up having to go through and delete the payments and then re enter them but one of them has come up with muliply entries and the invoice has closed. Am I able to rectify this?

      • Tracey_H's avatar
        Tracey_H
        Former Staff
        4 years ago

        Hi PatrishaO 

         

        When an order is converted to an invoice AccountRight transfers the deposit amount to the Trade debtors account, this transaction is the Transfer from deposit transaction in your screenshot. Once the order has been converted to an invoice you can't just delete the payment, you need to reverse the invoice first. This help article has step-by-step instructions for that: Customer deposits

         

        Before you do that though, I'd do a full audit of all the accounts associated with that transaction. Looking at the Reconcile Accounts window you've got two deposits and one withdrawal, with the net result being one deposit which I think is correct. You may not need to delete and re-enter the payment if all accounts are correct.

         

        Another really handy tip for AccountRight, when you have a transaction window open type Ctrl+R on your keyboard to recap the transaction and show the actual journal posted in your software.

         

        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.