The first thing to keep in mind is that once a group is posted it is etched
in stone.
To deal with a returned check there are several different options you could
choose from (this list is not all inclusive:)
1.. Redeposit the check on a separate and do not make any entries in
Vantage. The hope is that the check clears on the second presentation and
the reversal and redeposit will offset on the bank statement. This is the
low-tech and weakest internal control method.
2.. Record the returned check using bank adjustment feature on the A/P
menu. Debit a misc receivable account and credit cash. When you redeposit
the check enter it as a misc deposit item and credit the misc receivable
account.
3.. If you feel you must have an entry to the customer's A/R account then
you would want to do option 2 above, plus enter a misc invoice and set up a
misc charge that would post to the misc receivable account. Then redeposit
the check against the misc invoice created. The only problem is you may
have to do this twice if the check bounces twice.
To correct the posting of cash you will need to do an invoice adjustment.
I would suggest entering your cash receipts group prior to going to the bank
with the deposit. This way the group edit list can be compared to the
deposit slip prior to being deposited and posted.
Edward F. Fox, Jr., CPA
Controller
Maxson Automatic Machinery Company
Phone: 401-596-0162 x110
Fax: 401-596-1050
www.maxsonautomatic.com
-----Original Message-----
From: Mark Dupuis [mailto:dupuism@...]
Sent: Wednesday, August 21, 2002 9:12 AM
To: Vantage Users Group
Subject: [Vantage] AR-Bad Checks
Hello group,
Todays question is from my CFO. In AR, how do you correct a posted
entry if
a check is returned? How do you correct a posted entry if the check amount
entered is incorrect?
TIA
Mark
Yahoo! Groups Sponsor
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have already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder and
Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links
Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service.
[Non-text portions of this message have been removed]
in stone.
To deal with a returned check there are several different options you could
choose from (this list is not all inclusive:)
1.. Redeposit the check on a separate and do not make any entries in
Vantage. The hope is that the check clears on the second presentation and
the reversal and redeposit will offset on the bank statement. This is the
low-tech and weakest internal control method.
2.. Record the returned check using bank adjustment feature on the A/P
menu. Debit a misc receivable account and credit cash. When you redeposit
the check enter it as a misc deposit item and credit the misc receivable
account.
3.. If you feel you must have an entry to the customer's A/R account then
you would want to do option 2 above, plus enter a misc invoice and set up a
misc charge that would post to the misc receivable account. Then redeposit
the check against the misc invoice created. The only problem is you may
have to do this twice if the check bounces twice.
To correct the posting of cash you will need to do an invoice adjustment.
I would suggest entering your cash receipts group prior to going to the bank
with the deposit. This way the group edit list can be compared to the
deposit slip prior to being deposited and posted.
Edward F. Fox, Jr., CPA
Controller
Maxson Automatic Machinery Company
Phone: 401-596-0162 x110
Fax: 401-596-1050
www.maxsonautomatic.com
-----Original Message-----
From: Mark Dupuis [mailto:dupuism@...]
Sent: Wednesday, August 21, 2002 9:12 AM
To: Vantage Users Group
Subject: [Vantage] AR-Bad Checks
Hello group,
Todays question is from my CFO. In AR, how do you correct a posted
entry if
a check is returned? How do you correct a posted entry if the check amount
entered is incorrect?
TIA
Mark
Yahoo! Groups Sponsor
ADVERTISEMENT
Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must
have already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder and
Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links
Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service.
[Non-text portions of this message have been removed]