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Correcting Receivables/bank transactions after bank reconciliation

  • 1.  Correcting Receivables/bank transactions after bank reconciliation

    Posted 09-11-2018 05:59 PM
    Complicated scenario, Region #1 Customer A is invoiced for widgets, $10k.  Customer A pays Us $10k but check is brought in as a bank transaction for services under Customer B in Region #2.  Bank ​​reconciliations completed in GP.  Next month the error was found.  I need to void the original bank transaction and apply it to the invoice for Customer A, , however since it has been reconciled it will not let me do so.  I want to make sure the revenue and receivable reports as well as the transactions are correct for customer A and B.

    1.  If you followed the above, you get a silver star
    2.  If you have a workable solution you get a Gold star (in my book at least!)

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    Mark Common
    Houston, TX
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  • 2.  RE: Correcting Receivables/bank transactions after bank reconciliation

    GOLD CONTRIBUTOR
    Posted 09-12-2018 12:29 AM
    Mark,
    When you say bank transaction, you're referring to a cash receipt transaction in sales module OR you're actually booking receipts directly in the bank rec module?

    What error message are you receiving when voiding? You're confident that it's a message that stops you from proceeding versus just prompting you to tell you it's already been reconciled? In other sitjai, I'm fairly confident that it's just a prompt and it'll still let you ultimately void. It ends up just creating a weird looking transaction in bank rec...

    Last bit and it may not apply to your situation depending on answers above but... If this is all in sales module, what's to stop you from just booking credit/debit memos to correct this issue? Cash is done, now we'd just have to move the balance from one customer to the other. Just a thought...

    Let me know if you have any questions.
    Thanks,
    Kyle

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    Kyle Malone, CPA
    GP Admin - CGB Enterprises, Inc.
    Lead Consultant/Blogger - http://ALaCarteGP.com
    Chapter Leader - Louisiana (New Orleans)
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  • 3.  RE: Correcting Receivables/bank transactions after bank reconciliation

    Posted 09-12-2018 09:00 AM
    Mark,
    This is a fun question (sounds like something off an SAT exam).  It ends up being more of an accounting question and less of a question about GP.  I would suggest creating a reversing entry in bank management to back out the original entry.  Then you can re enter the receipt to the correct customer.  By doing it this way, you will accomplish all of your goals.  Your bank reconciliation will remain in tact and not need to be modified.  Your customer accounts will be corrected.  And, most importantly, you will have a paper trail show what happened and why.








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    Brett Albrecht | Accountant
    Stoneridge Software | Microsoft Gold Certified Partner | www.stoneridgesoftware.com
    O 701.281.6112 C 701.781.0292 | brett@stoneridgesoftware.com
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  • 4.  RE: Correcting Receivables/bank transactions after bank reconciliation

    GPUG ALL STAR
    Posted 09-14-2018 12:19 PM
    Hi @Mark Common,
    Not sure if that would help, but the PSTL for GP has a function to return RM transactions, even if it was posted to history.. The PSTL library is free if you haven't already installed it..

    https://www.calszone.com/2016/03/microsoft-dynamics-gp-tip-using-the-receivables-transaction-unapply-tool/


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    Beat Bucher
    Business Analyst, Dynamics GP SME
    Montreal QC/Canada
    @GP_Beat http://www.gp-geek.com
    Montreal QC GPUG Chapter Leader
    MBS MVP (2015-2018)
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  • 5.  RE: Correcting Receivables/bank transactions after bank reconciliation

    Posted 09-13-2018 04:21 PM

    Hi Mark

    If the transaction has been entered as a Cash Receipt and you didn't ran the "Paid transaction removal" routine, you can just void the transaction by going into Sales >> Transactions >> Posted Transactions. That will result as a negative cheque amount in the deposits for the checkbook. Just redo the cash receipt transaction with the correct customer, go do the deposit with those two cheques (deposit at zero) just make sure to select that deposit in the next bank reconciliation and you will have fixed the problem without affecting your bank reconciliation. 

    If the transaction has been entered has Bank transaction see Brett Albrecht answer



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    Pierre Deschênes
    Stingray Digital Group Inc.
    Montreal QC
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  • 6.  RE: Correcting Receivables/bank transactions after bank reconciliation

    SILVER CONTRIBUTOR
    Posted 09-13-2018 05:06 PM
    ​Hello-
    We actually made PaymentReapply for this exact reason.

    Our customers have deposits that have to be deposited however same scenario we catch it the next day or two days wrong customer...  what PaymentReapply does it allows you to  reapply...  check out our website www.iscorp.biz for demos...




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    Deb Sletmoen
    Owner
    Implementation Specialists (IS)
    Hawley MN
    deb@iscorp.biz
    218 4865095
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