We have open prepayment from last year. Check has been cleared from the bank.
It looks like the accountant didn’t know how to adjust with bill and they adjusted payment without clearing prepayment.
Now I cannot void, the check number linked is reconciled and closed.
How can i adjust this prepayment and cleared it from open A/P?
Thank you,
Shankar
Best answer by vkumar
Hi
How was the Bill paid since prepayment was not adjusted (applied) to the Bill?
If another ‘Check’ payment was made against the Bill, I suggest you void the Check and apply the Prepayment to the Bill.
Since prepayment is appearing on reconciliation, the reversal of check would appear on next reconciliation as well. Both can be cleared and net impact will be zero on Cash account balance and also the reconciliation.
Hope this helps.
Regards,
Hi
How was the Bill paid since prepayment was not adjusted (applied) to the Bill?
If another ‘Check’ payment was made against the Bill, I suggest you void the Check and apply the Prepayment to the Bill.
Since prepayment is appearing on reconciliation, the reversal of check would appear on next reconciliation as well. Both can be cleared and net impact will be zero on Cash account balance and also the reconciliation.
Hope this helps.
Regards,
Hello
Thank you very much for your response. The company has migrated to acumatica last year from QuickBooks. I am new to acumatica. The prepayment is open, and check has been cleared and reconciliation has been done. But I could not find out how the original payment was processed.
I cannot void nor I can process it. I need to get rid of this.
Regards, Shankar
Agreed something is not adding up. Possible to provide more information on the AP Bill and how it was cleared? (check the Applications tab in the AP Bill)
#1 we know did not happen. IFF #2 happened your bank statement would not reconcile since you have another Credit on the Bank account for the Check payment. #3 is possible as it has not cash impact.
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