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Bank Rec

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rbailey
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Bank Rec

Hi,

Hoping someone can help. 

I am wanting to complete my MAY Bank Rec, however I have a credit received that the payor can not tell me what it is for.  She seems to believe they have paid us in error.  I need to allocate it somewhere but my concern is once I complete the rec and they come back to me with what the payment is actually for (if it turns out it is meant for us) if I change the transaction after my rec it will ruin my rec.

Hope this makes sense!

Thank you.

Bec.

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Re: Bank Rec

Hi bec,

 

 

Simply code the credit to your suspense account, this will let you complete the bank reconcilaition. Once you have verified the details of the payment you can allocate the payment from the suspense account to the debtor or you can refund the payment to the payor if it has indeed been paid to you in error or duplication.

CloverQ
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Re: Bank Rec

Hi there @rbailey

 

Firstly, I'd like to extend you a warm welcome to the Community Forum. I hope you find it a valuable resource.

 

I trust the detailed response from Sydney is useful to you, it's definitely a good way of handling such deposits received.

 

Another option you can consider is recording a $0 invoice for this client, receive the payment against the invoice, this way it will automatically create a credit note for this payment amount. You can then later going to Sales Register > Returns & Credits > apply the credit to another invoice, or issue the refund. 

 

Hope this helps. Please feel free to let us know how you go. 

Kind regards,
Clover

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rbailey
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Re: Bank Rec

Thank you! I have just come back to find staff have changed transactions from previous months that I have reconciled which has made the last 10 months worth of recs now not balance. I've fixed them all, however I just didn't want the same thing to happen again by me just allocating these funds to my "unallocated funds" account.
Thanks for your response!!
Chantal76
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Re: Bank Rec

Its worth locking the period once you have done the recs. If you need to make adjustments later, you can unlock the period, make the changes and then re-lock. That way, no-one can change your transactions.
rbailey
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Re: Bank Rec

Yes I do lock it every month, however a book keeper was called in while I was away and unlocked leaving it open slather for other staff...!

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