Acct Scenario-Entered incorrect A/R payment amount.

Acct Scenario-Entered incorrect A/R payment amount.

Postby M1EnterpriseTech » Fri Sep 01, 2017 1:28 pm

What are my options to correct the following scenario?

Example:

    Customer's invoice total for repairs came to $203.59 and was posted to their Receivable account.

    Later, customer sends a check payment for the entire amount but the payment amount was inadvertently
    entered as $205.39 when it should have been entered as $203.59.

    Unfortunately, the shop did not notice the mistake until after they had deposited from cash drawer to bank then reconciled bank account

    Now the customer's Receivable has a credit, indicating that the shop owes the customer $1.80.


Your option to correct this is to issue a general credit for the entire invoice ( yes, even though the amount on the invoice
is correct) and rebuild the invoice, post to customer's receivable account and be sure to enter the correct amount of the payment.
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