BTW, I am speaking from a 8.03.403 viewpoint. Things might be different if your version is different.
The best way to check what was done is to review the group edit list for that cash receipt. Hopefully, you do save those for just these sorts of occasions. If you don't, you can start now, and have a reference for when something like this happens again. FWIW, I do not save hard copies, but do print each one to a PDF file. In the group edit list, there is a notation to the left of each cash receipt. For a miscellaneous receipt it will say "MisPay". Unless you have a huge batch, you can probably easily figure out what account got the offset to cash. BTW, before we go too far down the road, I assume the group was posted. If it wasn't you can go back into the group and correct the cash receipt before posting.
Now, let's say you do not save your group edit lists. In that case, use journal tracker to look at the cash receipts journals for the period. You should be able to find the cash receipt in question and see what account got the cash offset.
Assuming the cash receipt has been posted, you cannot change it. So, you need to create an offset, and then post a new, correct entry.
- To create the offset, enter a miscellaneous cash disbursement in the amount of the incorrect cash receipt. Use the account number you found from either the group edit list or the cash receipts journal tracker.
- Now, enter the cash receipt in the correct manner. This will directly offset the miscellaneous cash disbursement.
- Note: when you reconcile your bank account, neither of these last two entries will appear on the bank statement. However, because they are equal and offset each other, you can and should show both of them clearing the bank.
For both of the correcting entries, I highly recommend you enter clear notes/comments. On the cash receipts entry, you could use the Reference field to point to an external document that fully explains why you are doing the transaction and what the history is. Do not enter a comment such as "Per Jane". If you do, I guarantee that two years from now, when you are trying to explain it to an auditor, Jane will have forgotten what went down and why. On the disbursement side, use the Description field to point to the external document. The reference to the external document should state clearly where the document is located.
Thom Rose
Controller
Electric Mirror LLC
HOTEL LUXURY
"The World Leader in Back-lit Mirrors & Mirror TV Technology"
T 425 776-4946
AÂ 11831 Beverly Park Rd, Bldg D, Everett, WA 98204Â USA
www.electricmirror.com
-----Original Message-----
From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf Of effgroups@...
Sent: Monday, October 18, 2010 2:31 PM
To: vantage@yahoogroups.com
Subject: Re: [Vantage] Deposit vs Invoice
The entry person doesn't remember anymore how she did it.
Is there a way for me to check it?
And if she did enter as a misc what would be the process to fix it?
Thanks
Ephraim
Ephraim Feldman
-----Original Message-----
From: Thomas Rose <t.rose@...>
Sender: vantage@yahoogroups.com
Date: Mon, 18 Oct 2010 13:36:18
To: vantage@yahoogroups.com<vantage@yahoogroups.com>
Reply-To: vantage@yahoogroups.com
Subject: RE: [Vantage] Deposit vs Invoice
Well, that's odd. Did the entry person use the correct customer? Also, was it recorded as an invoice payment, but all on account? That would be the correct way, and should result in a credit memo for that customer. If it got recorded as a miscellaneous cash receipt, though, it would not. If that is what happened, you would need a multi-step process to get it recorded correctly.
Thom Rose
Controller
Electric Mirror LLC
HOTEL LUXURY
"The World Leader in Back-lit Mirrors & Mirror TV Technology"
T 425 776-4946
AÂ 11831 Beverly Park Rd, Bldg D, Everett, WA 98204Â USA
www.electricmirror.com
Note:Â The information contained in the e-mail, including any attachments, is legally privileged and confidential. If you are not the intended recipient you are hereby notified that any reading, use or dissemination of this message is strictly prohibited. If you have received this message in error, please immediately notify us by telephone at 425-776-4946 and delete this message from your system. Even though this e-mail and any attachments are believed to be free of any virus or other defect that might affect any computer system into which it is received and opened, it is the responsibility of the recipient to ensure that it is virus free, and no responsibility is accepted by Electric Mirror LLC for any loss or damage arising in any way from its use
-----Original Message-----
From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf Of Ephraim Feldman
Sent: Monday, October 18, 2010 1:22 PM
To: vantage@yahoogroups.com
Subject: Re: [Vantage] Deposit vs Invoice
I tried that but i couldnt find any open credit memo for that customer
The best way to check what was done is to review the group edit list for that cash receipt. Hopefully, you do save those for just these sorts of occasions. If you don't, you can start now, and have a reference for when something like this happens again. FWIW, I do not save hard copies, but do print each one to a PDF file. In the group edit list, there is a notation to the left of each cash receipt. For a miscellaneous receipt it will say "MisPay". Unless you have a huge batch, you can probably easily figure out what account got the offset to cash. BTW, before we go too far down the road, I assume the group was posted. If it wasn't you can go back into the group and correct the cash receipt before posting.
Now, let's say you do not save your group edit lists. In that case, use journal tracker to look at the cash receipts journals for the period. You should be able to find the cash receipt in question and see what account got the cash offset.
Assuming the cash receipt has been posted, you cannot change it. So, you need to create an offset, and then post a new, correct entry.
- To create the offset, enter a miscellaneous cash disbursement in the amount of the incorrect cash receipt. Use the account number you found from either the group edit list or the cash receipts journal tracker.
- Now, enter the cash receipt in the correct manner. This will directly offset the miscellaneous cash disbursement.
- Note: when you reconcile your bank account, neither of these last two entries will appear on the bank statement. However, because they are equal and offset each other, you can and should show both of them clearing the bank.
For both of the correcting entries, I highly recommend you enter clear notes/comments. On the cash receipts entry, you could use the Reference field to point to an external document that fully explains why you are doing the transaction and what the history is. Do not enter a comment such as "Per Jane". If you do, I guarantee that two years from now, when you are trying to explain it to an auditor, Jane will have forgotten what went down and why. On the disbursement side, use the Description field to point to the external document. The reference to the external document should state clearly where the document is located.
Thom Rose
Controller
Electric Mirror LLC
HOTEL LUXURY
"The World Leader in Back-lit Mirrors & Mirror TV Technology"
T 425 776-4946
AÂ 11831 Beverly Park Rd, Bldg D, Everett, WA 98204Â USA
www.electricmirror.com
-----Original Message-----
From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf Of effgroups@...
Sent: Monday, October 18, 2010 2:31 PM
To: vantage@yahoogroups.com
Subject: Re: [Vantage] Deposit vs Invoice
The entry person doesn't remember anymore how she did it.
Is there a way for me to check it?
And if she did enter as a misc what would be the process to fix it?
Thanks
Ephraim
Ephraim Feldman
-----Original Message-----
From: Thomas Rose <t.rose@...>
Sender: vantage@yahoogroups.com
Date: Mon, 18 Oct 2010 13:36:18
To: vantage@yahoogroups.com<vantage@yahoogroups.com>
Reply-To: vantage@yahoogroups.com
Subject: RE: [Vantage] Deposit vs Invoice
Well, that's odd. Did the entry person use the correct customer? Also, was it recorded as an invoice payment, but all on account? That would be the correct way, and should result in a credit memo for that customer. If it got recorded as a miscellaneous cash receipt, though, it would not. If that is what happened, you would need a multi-step process to get it recorded correctly.
Thom Rose
Controller
Electric Mirror LLC
HOTEL LUXURY
"The World Leader in Back-lit Mirrors & Mirror TV Technology"
T 425 776-4946
AÂ 11831 Beverly Park Rd, Bldg D, Everett, WA 98204Â USA
www.electricmirror.com
Note:Â The information contained in the e-mail, including any attachments, is legally privileged and confidential. If you are not the intended recipient you are hereby notified that any reading, use or dissemination of this message is strictly prohibited. If you have received this message in error, please immediately notify us by telephone at 425-776-4946 and delete this message from your system. Even though this e-mail and any attachments are believed to be free of any virus or other defect that might affect any computer system into which it is received and opened, it is the responsibility of the recipient to ensure that it is virus free, and no responsibility is accepted by Electric Mirror LLC for any loss or damage arising in any way from its use
-----Original Message-----
From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf Of Ephraim Feldman
Sent: Monday, October 18, 2010 1:22 PM
To: vantage@yahoogroups.com
Subject: Re: [Vantage] Deposit vs Invoice
I tried that but i couldnt find any open credit memo for that customer
On Mon, Oct 18, 2010 at 4:16 PM, Thomas Rose <t.rose@...>wrote:
>
>
> Speaking off the top here, but have you tried Apply Credit Memo in AR?
> IIRC, the cash on account creates a virtual credit memo that you can later
> apply to open receivables.
>
> Thom Rose
> Controller
> Electric Mirror LLC
> HOTEL LUXURY
>
> "The World Leader in Back-lit Mirrors & Mirror TV Technology"
>
> T 425 776-4946
> A 11831 Beverly Park Rd, Bldg D, Everett, WA 98204 USA
> www.electricmirror.com<http://www.electricmirror.com>
>
> From: vantage@yahoogroups.com <vantage%40yahoogroups.com> [mailto:
> vantage@yahoogroups.com <vantage%40yahoogroups.com>] On Behalf Of Ephraim
> Feldman
> Sent: Monday, October 18, 2010 12:48 PM
> To: vantage@yahoogroups.com <vantage%40yahoogroups.com>
> Subject: [Vantage] Deposit vs Invoice
>
>
> Hi all
>
> We got the following problem and i dont know how to resolve.
>
> We have created a advanced billing invoice against a order and received a
> payment but for some reason the entry person didnt apply the payment
> against
> the Invoice but on account.
> Now the invoice still shows open in the AR listing.
>
> How can i reconcile the payment against the invoice to mak it dissapear
>
> Ephraim
>
> [Non-text portions of this message have been removed]
>
> [Non-text portions of this message have been removed]
>
>
>
[Non-text portions of this message have been removed]
------------------------------------
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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/linksYahoo! Groups Links