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ReportHi all,
For returned ACH's and checks, our accountant would fix the out of balance banking positions by posting an increasing adjustment. Problem is, the other side of the IAJ was a suspense account that I can't figure out how to clear after the void was posted in the next month. Let me recap:
Month 1:
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AP processes ACH payment on bank website
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AP enters payment info into GP, hitting cash account
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Accounting reconciles to bank statement, sees cash clear, so in cash reconciliation module checks off payment
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But in the same bank statement we see the ACH returned on the bank statement
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Accounting notifies A/P
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But to close the books, Accounting posts an Increasing Adjustment in the bank module crediting a liability account
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Bank statement reconciled
Month 2:
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AP processes a void
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AP reissues the payment
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Bank reconciles at month end
Somehow we are not out of balance in the current month, so no need for a Decreasing adjustment.
My guess is we are posting the void using a closed period date, and can't see it in the banking reconciliation. We can change that going forward.
But how do I fix the issue with the hanging credit balance? I don't think I can simply book a journal back to the cash account. Do I void the void and reapply? Maybe this is simple, but I don't have much GP experience. Thanks!
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