Move Credit balance in A/R for a customer to customer deposit using Journal Voucher

​@patrickACA 

1. Make an Entry in Payments and Application AR302000 Type should be “PREPAYMENT” 

   

2. After Releasing your Entry you should have this generated Journal Entry

   

3. The Liability Account depends on your setup on the Customers Profile under Prepayment Field (Customer Deposit on your process)

   

   
   Hope it helps! 

Hello ​@ricoybanez 

Thank you for your reply. The overpayment that was made was entered months ago and has been sitting in their A/R account, leaving a negative balance.  We want to move this out of the Income Statement A/R and onto the balance sheet to be a liability. This is what we’re trying to accomplish with the Journal Voucher.

Patrick

​@patrickACA 

Just to clear the event?

1. What was the original entry upon payment?
2. What was the TOTAL amount of the payment?
3. What was the amount of the AR Invoice that was applied by the payment?

If you can send screenshot of the AR Invoice entry and the Payment entry so that we can recommend you the best solution.

Thanks you

​@patrickACA 

Please verify if this is the actual Process you’ve done? (I used Amount assumption for this)

 1. Upon AR Invoice AR301000

2. Upon Payment (Overpayment of $25,000) AR302000

Journal Entries:
 

SUGGESTED ENTRY: Use Type = Customer Refund
1. Make a Customer Refund Entry (AR302000) - this is to zero out the negative AR balance of the Customer

2. Make a Journal Voucher Entry (GL304000) - this is to entry the overpayment and charge it to Liability Account (Advances from customer)

Effects on all Journal Entries:
 

Hoping this is the scenario you want to achieve.

Thanks

​@ricoybanez that looks like it will work.  What is the journal voucher entry code module and transaction type that is used for the journal voucher?

​@patrickACA 

Here’s the JV Entry and Entry Code used.