Acct Scenario-Entered incorrect A/R payment amount.

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M1EnterpriseTech
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Acct Scenario-Entered incorrect A/R payment amount.

Post by M1EnterpriseTech »

What are my options to correct the following scenario?

Example:
  • Customer's invoice total for repairs came to $203.59 and was posted to their Receivable account.
  • Later, customer sends a check payment for the entire amount but the payment amount was inadvertently
    entered as $205.39 when it should have been entered as $203.59.
  • Unfortunately, the shop did not notice the mistake until after they had deposited from cash drawer to bank then reconciled bank account
  • Now the customer's Receivable has a credit, indicating that the shop owes the customer $1.80.


Your option to correct this is to issue a general credit for the entire invoice ( yes, even though the amount on the invoice
is correct) and rebuild the invoice, post to customer's receivable account and be sure to enter the correct amount of the payment.
Enterprise Support Specialist
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