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Transferring receipted payments from one customer to another....

Tania Fox

Hi. I have a customer account called UNKNOWN for odd payments that are put into our bank account with no reference. I have finally been able to match some of these with the actual customer but not sure how to go about correcting it, especially older transactions.

Do I do a journal entry and what do I debit and credit?? If I just change the name of the customer from UNKNOWN to correct customer name, is this going to mess my past reconcilations up, being closed off?

Many thanks if you can help.

Comments

Charley

I have this all the time, however mine are rents so no GST involved. I would go and change the name from UNKNOWN to the correct customer name; it won't muckup your bank reconciliations but what it will muck up is your GST if you are on CASH accounting to the ATO. You can either amend your BASs or just make an adjustment depending how much it is

Tania Fox

Thanks for that Charles. Only thing being is that I have several unknown payments in this UNKNOWN customer account that relate to different customers, not just one. Am thinking maybe only way to correct is to do a journal entry, but never entirely sure as to what to debit/credit etc?

Charley

Did you enter these payments through 'receive payments' or did you just do a deposit. If you used 'receive payments' to Customer "UNKNOWN" then it should not be a problem as my first post says. However if you did anything else then you may have to delete and redo.

The journal would be normally be credit accounts receivable along with the customer name and debit income along with the Unknown name but I'm not sure whether Reckon actually likes that. The problem being that while (if done through 'receive payments') you've put it to UNKNOWN customer you haven't allocated it to an invoice so it sits there in limbo a bit. You can call me on 0266834083 if you want and I can try and help you through it

Sally McIntosh, Accredited Consultant

Hi Tania,

Can I suggest for the future to create a suspense account (type is bank) then use the record/make deposits screen to pick up these unknown payments. Then when you work out who the customer is you can receive the payment on "today's" date so the GST is correct on a cash basis and deposit to undeposited funds, then you can go back to that deposit and click on payments and tick the payment then in the edit drop down menu you can delete the suspense line so the balance is still correct.

This also means your bank reconciliations will remain correct.

If you would like to organise a remote appointment to help you through this feel free to email me directly.

Kind regards,

Sally McIntosh (sally@samsolutions.com.au)