Cash Receipt Error

[Angie]

I entered a Cash Receipt to the wrong customer, posted it, made the deposit
and posted that. Is there an easy way for me to get the funds out of the
one customer's account into the correct customer?

Thanks

Angie

[Victoria [MVP]]

Angie,

You could enter a credit memo for the 'right' customer and a debit memo for
the 'wrong' customer. The only downside to this if that if you ever print a
report or look at a list of payments for either of these customers they
won't be quite right.

Another option is to void the cash receipt and re-enter it correctly. Since
it's already posted on a deposit, the void and re-enter would result in 2
bank transactions that cancel each other out waiting to be deposited, so you
would just 'deposit' them together with a deposit total of $0, then check
that deposit as being reconciled on the next bank rec.

The final option is:
1. Void the bank deposit
2. Void the cash receipt
3. Re-enter the cash receipt
4. Re-enter the bank deposit

From an accounting and recordkeeping standpoint, I would say the last option
is the most correct, but any of these will accomplish what you need as far
as 'moving' the payment from one customer to another.
--
Victoria Yudin
Dynamics GP MVP
Flexible Solutions - home of GP Reports
http://www.flex-solutions.com/gpreports.html

Post by Angie
I entered a Cash Receipt to the wrong customer, posted it, made the deposit
and posted that. Is there an easy way for me to get the funds out of the
one customer's account into the correct customer?
Thanks
Angie

[Angie]

Thanks, Victoria.

Post by Victoria [MVP]
Angie,
You could enter a credit memo for the 'right' customer and a debit memo
for the 'wrong' customer. The only downside to this if that if you ever
print a report or look at a list of payments for either of these customers
they won't be quite right.
Another option is to void the cash receipt and re-enter it correctly.
Since it's already posted on a deposit, the void and re-enter would result
in 2 bank transactions that cancel each other out waiting to be deposited,
so you would just 'deposit' them together with a deposit total of $0, then
check that deposit as being reconciled on the next bank rec.
1. Void the bank deposit
2. Void the cash receipt
3. Re-enter the cash receipt
4. Re-enter the bank deposit
From an accounting and recordkeeping standpoint, I would say the last
option is the most correct, but any of these will accomplish what you need
as far as 'moving' the payment from one customer to another.
--
Victoria Yudin
Dynamics GP MVP
Flexible Solutions - home of GP Reports
http://www.flex-solutions.com/gpreports.html

Post by Angie
I entered a Cash Receipt to the wrong customer, posted it, made the
deposit and posted that. Is there an easy way for me to get the funds out
of the one customer's account into the correct customer?
Thanks
Angie

[f***@gmail.com]

Victoria,

"> Another option is to void the cash receipt and re-enter it correctly. Since

Post by Victoria [MVP]
it's already posted on a deposit, the void and re-enter would result in 2
bank transactions that cancel each other out waiting to be deposited, so you
would just 'deposit' them together with a deposit total of $0, then check
that deposit as being reconciled on the next bank rec."

Does this still apply if the bank rec has already been completed?

thanks

Omar

Post by Victoria [MVP]
Angie,
You could enter a credit memo for the 'right' customer and a debit memo for
the 'wrong' customer. The only downside to this if that if you ever print a
report or look at a list of payments for either of these customers they
won't be quite right.
Another option is to void the cash receipt and re-enter it correctly. Since
it's already posted on a deposit, the void and re-enter would result in 2
bank transactions that cancel each other out waiting to be deposited, so you
would just 'deposit' them together with a deposit total of $0, then check
that deposit as being reconciled on the next bank rec.
1. Void the bank deposit
2. Void the cash receipt
3. Re-enter the cash receipt
4. Re-enter the bank deposit
From an accounting and recordkeeping standpoint, I would say the last option
is the most correct, but any of these will accomplish what you need as far
as 'moving' the payment from one customer to another.
--
Victoria Yudin
Dynamics GP MVP
Flexible Solutions - home of GP Reports
http://www.flex-solutions.com/gpreports.html