Customer payment deposited into wring account

Fiteasy
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Customer payment deposited into wring account

I got my boss to deposit a customer payment into our bank account $570.  He accidentally deposited into the visa account.  (The Visa is set up as a creditor). 

 

So now I have an invoice that has not been paid  -and a creditor that I owed $2600 I now only owe $2030.

 

How do I fix this?  Thanks

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Tracey_H
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Re: Customer payment deposited into wring account

Hi @Fiteasy 

 

Thanks for your post. Credit cards are typically set up as Liability accounts with the Account Type as Credit Card. This allows you to make purchases, deposit payments and reconcile the credit card like a bank account. 

 

In your situation you would record a Receive Payments transaction and change the Deposit to Account to the Visa Card account. This will allocate the payment to the customer and the deposit into the Visa account for reconciling.

 

To fix the issue as it is now, record a Receive Payments transaction for the customer and change the Deposit to Account to a Suspense/clearing account. Then record a Pay Bills for the Visa and change the Pay from Account to that same Suspense/clearing account. The suspense/clearing account will be cleared back to zero while the Visa and customer accounts will both be reduced by that amount.

 

Please let me know if you need further help with this.

 

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

Cheers,
Tracey
Previously @bungy15

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