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?
