Microsoft Dynamics GP (Archived)

HOW TO ENTER AMOUNT RECEIVED AND RETURNED FROM A COMPANY IN DYNAMICS GP-2013

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Posted on by zulfi721

I want to know how to enter the receipt and return of an amount from a company.

should i pass a Bank transaction entry under the financail and choose receipt for receiving the amount.

And Bank transaction entry under the financial and choose transaction for payment.

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Richard Wheeler 75,848 Moderator on at

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Are you talking a purchase order return or a payment from a vendor or customer?

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zulfi721 on at

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Thx for the Reply

well it is the amount by mistake sent by company to our bank account and we have to return that amount.

so its neither for the purchase nor against any services....

Just received in our bank account and have to return.

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Richard Wheeler 75,848 Moderator on at

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Under Bank Transactions you change the type to Void Transaction. However, in this case it sounds like an EFT was errantly done into your checking account. How are you going to give the money back? Via an EFT or are you going to cut a check? If by check, you can do that right on the same screen. If not, you could enter a payable and enter a check amount on the payables transaction entry screen. You could also enter a cash amount. How do you plan on returning the amount deposited?

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zulfi721 on at

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thx for the responce.

yes we received the amount in the bank and also have to return this amount by cheque.

Possible entries for this could be.

At the time of receiving the amount.

Debit:Bank account

Credit: party A/c(referring the company who sent the amount erroneously)

upon Return of payment.

Debit:Party A/c

Credit:bank account

Now iam confused where this party account should be opend,because it is neither our supplier nor customer.

otherwise i can use customer/vendor consolidation to Net off this

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Heather Roggeveen 9,146 on at

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I would use a suspense GL account for it - it is nothing to do with your financials, so you don't really want it to impact any standard accounts.

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zulfi721 on at

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i was thinking on this option also then got confused because this amount was received in bank of 31-12-2013 and returned in next year 31-1-2014.......

Due to year change.

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Ian Grieve 22,784 on at

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It depends how you want to account for it, but the party control account might be the one to use as this is money you will be paying out, but it does depend on how you want to account for it. As Heather says you might want to use the suspense account as it does not originate in Purchasing so you may not want it reflected in the year end accounts on that code.

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