It is not uncommon for a company to receive payments from an unrecognized customer in the course of normal business transactions. The customer may not be recognized in the system. Customer may not exist in the company’s customer records and no one in the company has heard anything about the customer. The Company has customer’s check on hand, should the check be returned or deposited? Generally, check will be deposited, and liability will be established pending investigation.
Acumatica provides functionality that you can use to record unrecognized payments. The process involves creating a General Ledger account as a liability to temporary hold the unrecognized payments while researching. Once the payment and the customer have been identified, the payment is reclassified to the right customer.
Configuration and setup is as follows:
Step 1: Create a GL account call Unrecognized or Unknown Deposit as a current liability account
Step 2: Create a cash account in the Banking module using the GL account created in step 1
Step 3: Create an entry type for the unknown deposit in the Banking Module with the offset account linked to the cash account created in step 2 above.
Step 4: On each cash account in the Banking Module, click the Entry Tab and add Unknown deposit entry type.
Step 5: On the Cash Management Preferences, assign Unknown deposit entry type to the Unrecognized Receipts Type box.
Processing Unknown Payments:
Enter unknown deposit in the Cash transactions form in the Banking Module and once the payment becomes identified, use Reclassify Payments form and chose the right customer to reclassify from the unknown to the identified customer.
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