Payment from 2 companies 1 cheque & require credit

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JUSHE
JUSHE Member Posts: 22 ✭
edited April 2020 in Accounts Hosted
I have recieved a payment (one cheque) by two different companies , plus they have taken up a credit. Can anyone suggest the best method to apply this, thank you in advance.

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  • Wilma
    Wilma Accredited Partner Posts: 46 Accredited Partner Accredited Partner
    edited December 2016
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    Hi Jushe
    Create  a contra/clearing Bank Account.  Allocate individual payments and take up credit accordingly.  Do a transfer from the contra/clearing account for the total amount to your bank or undeposited funds account
    Cheers

  • Kwikbooks (Professional Partner)
    Kwikbooks (Professional Partner) Member Posts: 824 ✭✭✭
    edited April 2020
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    Hi Jushe

    Use the undeposited funds which is already set up in Reckon Hosted.

    * create the credit note/s accordingly either part to each company or all to one.
    * By Receive payments apply the correct amount to each customer (company), at the same time apply the credit to the invoice, but instead of depositing it to the bank account, change the account to 'undeposited funds'.
    * Go to deposits - payments window should come up automatically, if not click on 'payments' tick the payments from the customer (companies) that make up the one cheque payment > OK... this will bring the split payment into one deposit to match the cheque deposited at bank.

    Any problems contact me

    Kim:  0429 305300  Kim@kwikbooks.com.au 
  • JUSHE
    JUSHE Member Posts: 22 ✭
    edited April 2018
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    We are not using undeposited funds method unfortunately.
    I have created the credits in adjustments and refunds tab.
    Next I went to receive payments tab
    I have ticked off the relevant invoices the customer has on the remittance, but my problem comes when I apply the adjustments I had created.

    My question is: Do I enter the cash amount that the customer has paid into my bank account $22,240.71 into the amount tab (top left) 
    OR the amount they actually owe as per their remittance (Invoices totaling $42,919.09)


  • JUSHE
    JUSHE Member Posts: 22 ✭
    edited April 2018
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    FYI I am using reckon hosted
  • Kwikbooks (Professional Partner)
    Kwikbooks (Professional Partner) Member Posts: 824 ✭✭✭
    edited April 2020
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    Hi Jushe,

    Does this happen all the time, do these 2 companies always get paid with one cheque, I am thinking (reading between the lines) you may have say 2 branches of the one chain set up, and head office pays with one cheque, would I be correct?

    If this is the case then there is another way around the problem, if not we will continue with undeposited funds if it is a one off.

    Always enter the cash amount paid by the customer, apply the credits to an invoice, the amount of credits applied & the amount of cash banked should equal the total amount of the invoices they said they were paying.... this is what you do for each company...depending on your response to the above question is what happens next.

    If you wish to contact me I can log into your computer & you can see what is happening, while we talk on the phone.

    Kim: 0429 305300   e: Kim@kwikbooks.com.au 


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