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Join nowI would like to ask for your assistance. I will appreciate any help with the below scenario: We invoiced about the customer for the parts on 10/07/2019. The customer picked up the equipment the same day and made a payment as well on 10/07/2019. The payment (check) has been deposited to the bank. Also, the payment has been recorded into the customer deposit account; therefore, the bank reconciliation went well. However, the payment has not been applied to the invoice. The month of October has been closed and all financial statements have been finalized.
We need to fix this without hurting the Account Receivables balance that has been reported on the balance sheet for the month of October. I would like to ask how to properly apply the payment to the invoice with no harm to the financial statement and reconciliation.
Thank you!
I appreciate you posting again in the Community, @Rita_89.
You have the option to link the reconciled deposit to your customers' payment. This way invoices will be marked as paid and will zero out the outstanding balance.
Here's how:
You may also refer to this article for more information about handling reconciled payments and deposits: Correct customer payments that have been deposited or reconciled.
I want to know how this goes on your end. Hoping to hear from you again. Take care!
Locate the payment check. What account is it tied to?
The From account should be Accounts Receivable. Edit the check to change the account if need be.
You will probably get a message about the credit, but that is ok.
Then go to the Open invoice Report.
Choose the customers invoice and open it.
On the top there should be a capability to Apply Credits.
Apply the credit to the invoice to clear out the invoice, but you will not have effected the deposit or the payment amount.
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