Hy Guys
The wrong account was allocated to a prepayment (AP) and this prepayment has been released and reconciled, is there a way to fix this without affecting the cashbook?
Best answer by Laura02
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+18
Hello
AP Prepayments credit Cash and debit the Prepayment account on the Vendor’s GL Accounts tab.
In your Prepayment described above, is the Cash Account wrong, or the Prepayment Account, or both? I think you are saying, the Prepayment account is wrong (I hope, because we can’t fix a mis-posted Cash transaction without affecting Cash).
- To correct the Prepayment account without affecting any Cash Accounts, use a Journal Entry to Credit the ‘wrong’ Prepayment account and Debit the proper Prepayment account.
- Is the Prepayment Open/Unapplied? If Yes, there will be another follow-up entry needed when the Prepayment is later applied to a Bill. When the Prepayment is later applied to a Bill, Acumatica will credit the ‘wrong’ Prepayment account. You will enter a second manual adjustment to Debit the ‘wrong’ Prepayment account and Credit the proper Prepayment account.
Another option is
- Void the Prepayment,
- Re-enter the Prepayment correctly,
- Void the Bank reconciliation,
- Begin a new Bank Reconciliation Statement for the same month,
- Clear your new voided Prepayment and re-entered Prepayment transactions (net effect to cash = $0)
- Release the new Bank Reconciliation Statement.
Good luck!
Laura
+18
Hello,
I want to add, voiding and recreating a Reconciliation Statement is not as difficult as it sounds: Acumatica will save the previous work of clearing/reconciling items. You will only have one additional step to find and clear the your new correcting transactions, before releasing the new Bank Reconciliation Statement.
Laura
Thank you for the help Laura, much appreciated
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