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Hi,
how can we close off negative cash receipt document when it can't being applied to original positive cash receipt?
Scenario: Invoice amount 1,000 - applied with Cash Receipt 1,000.
after posted and next day, the cheque bounds and a negative cash receipt is created and posted.
Cash receipt - 1,000
but i can't apply this negative cash receipt with original invoice or original cash receipt. as the Invoice has been fully applied and is not shown on apply window.
Please help!!!
Thank you.
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You have two constraints you need to work against when dealing with the application of negative cash receipts:
1. Even though it's negative, it's a cash receipt, so it's seen as a document you apply TO something else, not something you can apply something else to.
2. You cannot increase an invoice amount over and above its original amount.
So here's what you have to do. You can use this method if the original invoice and payment have not been moved to history. Lets assume the original invoice was $100.00, the original payment was $100.00 and the negative cash receipt was $100.00:
First, unapply the original payment from the invoice, then reapply it, but change the apply amount to only $99.99, one penny less than the total cash receipt. This will leave the invoice available to apply to because it's not fully paid.
Then, apply the negative cash receipt to the invoice. This will apply $99.99 of the negative cash receipt.
You will now have a penny of the original payment and a penny of the negative cash receipt left unapplied.
Go back and apply the last penny of the original payment (change apply amount).
Go back and apply the last penny of the negative cash receipt (change apply amount).
At this point, you should now have the original invoice amount unapplied, but you have the full original payment and the full negative cash receipt applied to it.
Lots of back and forth, but it gets the job done.
I see a couple of things you need to accomplish.
(1) Increase your Customer's balance for the bounced check, and
(2) decrease the balance of the check register
Here's one way that may work for you:
1 - Create a Vendor to match your customer
2 - Write a check to the Vendor (this will reduce your cash balance)
3 - Perform a Customer/Vendor consolidation routine to transfer the vendor prepayment to a customer debit memo.
You now have a correct cash account and something to receive the new check against.
Kind regards,
Leslie
Hi Ian, we are not thinking of NSF is because NSF will eventually voided the original cash receipt.
we have customize the customer statement to exclude all voided transaction as some voided transaction might be due to data entry error.
however, for bounds cheque transaction we need to present in customer statement.
therefore, i'm thinking of alternative instead of voiding the original transaction.
any suggestion?
Why don't you just post an NSF transaction for bounced receipts?
On the Void RM Transaction window, there is a radial button for a NSF. (Non Sufficient Funds).
Was the Invoice transferred to History?
Ian.
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