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Reconcile Refund Checks in system

R
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Good morning,

 

I am curious, best practice.

 

If I were to cut a handful of refund checks to customers and a few days later those are all cashed.

 

What is the best process or most straight forward process Acumatica offers to reconcile those against the bank deposit?

Best answer by ChandraM

Hi @rfrantz The best process is

  1. Record the Refund Check to the Clearing Account in Payments and Application Screen → Type=Refund. Note the Clearing Account should be associated to the Main Cash Account.
  2. After the Check is deposited to the Bank - Goto the “BANK DEPOSITS” screen, add the check payment which is cashed and Release the Bank Deposit.

Accounting Impact -

Dr to right Cash Account(Bank) and

Cr the clearing Account.

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    C
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    • ChandraM
    • Semi-Pro I
    • 715 replies
    • Answer
    • November 12, 2024

    Hi @rfrantz The best process is

    1. Record the Refund Check to the Clearing Account in Payments and Application Screen → Type=Refund. Note the Clearing Account should be associated to the Main Cash Account.
    2. After the Check is deposited to the Bank - Goto the “BANK DEPOSITS” screen, add the check payment which is cashed and Release the Bank Deposit.

    Accounting Impact -

    Dr to right Cash Account(Bank) and

    Cr the clearing Account.

    Chandra M
    Chris Hackett
    1 person likes this
    • Chris Hackett
      Chris Hackett
    C
    Semi-Pro I
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    • ChandraM
    • Semi-Pro I
    • November 12, 2024

    Hi @rfrantz Please find the below screenshots of the process for your quick reference:

    Step 1: Record the Refund check in Payment and Application. Make sure the Cash Account is the clearing account of the Checking Cash Account.

     

    Step 2: Add the Payment to the Bank Deposits:
     

     

    Chandra M

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