Accounts Receivable- Correcting a posted transaction

[jacksonj01]

I am a new PC+ user. I created an invoice in AR and received the payment. I accidentally forgot to change my debit account so it is the same as my credit account! So obviously I need to change that. I posted the transaction in both AR and Fund Accounting. How can I make this correction?

[NeilZ]

I am a new PC+ user. I created an invoice in AR and received the payment. I accidentally forgot to change my debit account so it is the same as my credit account! So obviously I need to change that. I posted the transaction in both AR and Fund Accounting. How can I make this correction?

Hmmm ... I'm not sure you can in AR ... I've not been able to find any way to 'reverse' an invoice there. However, I'm not so sure that's a problem as I'm fairly sure AR just maintains the invoices, and creates the transaction for Funds Accounting from the account information that you use. It don't believe it maintains any sort of checking or income data other than totals sold. If I'm wrong on that, I'm sure Zorak will be by to correct me

While you will get a warning message when you do it, I'd find the transaction in Funds Accounting Posted Transactions reverse it there, then enter a replacement transaction using the correct accounts in Funds Accounting. This will correct the accounts, which is the whole reason for this exercise

[Dione Clagg]

OK I have a similar problem, but I have the debit and the credit as the same, it shows up in my reconciliation as 00 s. We are using 10.4. I made the invoice ok, and it shows the payment ok, shows the correct balance but nothing in reconciliation.. Soooo, I know something is wrong with my set up.. Please help!

[NeilZ]

OK I have a similar problem, but I have the debit and the credit as the same, it shows up in my reconciliation as 00 s. We are using 10.4. I made the invoice ok, and it shows the payment ok, shows the correct balance but nothing in reconciliation.. Soooo, I know something is wrong with my set up.. Please help!

I don't quite understand. The debit and credit is the same account?? That's why you're getting 0.00, they cancel each other out. What account numbers are you using?

[Dione Clagg]

OK I have a similar problem, but I have the debit and the credit as the same, it shows up in my reconciliation as 00 s. We are using 10.4. I made the invoice ok, and it shows the payment ok, shows the correct balance but nothing in reconciliation.. Soooo, I know something is wrong with my set up.. Please help!

I don't quite understand. The debit and credit is the same account?? That's why you're getting 0.00, they cancel each other out. What account numbers are you using?

I am using the chking acct #, but I'm not sure what I should be using as the other account #.

[Dione Clagg]

Do I need to set up another account # in COA to post the $$ to ? The book suggests an acct # such as 01- 4610-000- which makes it an income account, but I'm gonna wait until somebody helps me, cause I already made one mistake . Also how do I correct the error. Usually you would just reverse it? Thanks for your help.

[NeilZ]

Do I need to set up another account # in COA to post the $$ to ? The book suggests an acct # such as 01- 4610-000- which makes it an income account, but I'm gonna wait until somebody helps me, cause I already made one mistake . Also how do I correct the error. Usually you would just reverse it? Thanks for your help.

Anything coming in from Accts Receivable is "Income", therefore you should have an income account setup in the COA to account for what comes in from AR.

Since there isn't a way to reverse this in AR, you need to follow the advice I gave earlier in the thread. Once you reverse the transaction in Funds Accounting, create another transaction using the same date, and with the new income account Your debit account will be checking, and your credit will be the new income account.

[Dione Clagg]

Do I need to set up another account # in COA to post the $$ to ? The book suggests an acct # such as 01- 4610-000- which makes it an income account, but I'm gonna wait until somebody helps me, cause I already made one mistake . Also how do I correct the error. Usually you would just reverse it? Thanks for your help.

Anything coming in from Accts Receivable is "Income", therefore you should have an income account setup in the COA to account for what comes in from AR.

Since there isn't a way to reverse this in AR, you need to follow the advice I gave earlier in the thread. Once you reverse the transaction in Funds Accounting, create another transaction using the same date, and with the new income account Your debit account will be checking, and your credit will be the new income account.

THank you so much!!!