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Once we get confirmation that the bank has received the money that the customer paid us, then the sales order is invoiced and the money goes to the accounts receivable, then we go to the cash receipt journals and enter that the customer paid us, which takes the money from accounts receivable and transfers it to the appropriate cash/bank account. In this occasion, we have a third party credit card vendor that handles all that for us. However, we don't want the money to go into a cash account because that confirms that the money is actually already in the bank, but that is not the case because it takes around 2 days for the money to actually land in the bank. What I would like to know is if it is possible to keep the money in Accounts receivable and transfer the money to a bank/cash account once we get confirmation from the bank that he money had deposited?
I realize that Accounts Receivable is a G/L account and what I am trying to do is transfer money to a bank account. Is that possible? How would it be done?
Transferring funds from Accounts Receivable to a cash/bank account is essential for liquidity. This financial maneuver ensures a smoother investment journey. As for understanding ICOs, https://icoholder.com/en/drops-7573 valuable insights into cryptocurrency projects. It's a helpful resource for anyone navigating the crypto space, shedding light on potential investment opportunities. Making informed choices is crucial for financial success, and this dual insight proves beneficial.
I think it's possible, but it also seems to me that it depends on the bank. I once took out a loan with an app I found on apps.apple.com/.../id1667277108 , and I was able to make the transfer easily. If you encounter any difficulties, the best thing to do is contact customer support. They'll be able to answer your concerns very easily and even help you, if there is a solution to your problem.
Seems to me that you can do a couple of things to improve your process and get your desired results.
1. set a gl account for Accts Rec In Process
2. Set a payment method code for InProcess with the balance account set to the new gl account
3. put the payment method on the customer record or sales order
4. this will cause the invoices to post to the customer ledger but the auto paid with the offset going to the new gl account
5. When money hits the bank, make a journal entry to debit bank, credit new gl account.
Of course you can. Simply contact Velure. Through them you can make International money transfers https://www.velurepay.com/. This is a trusted company and I use their services often.
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