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Collision1

Customer Deposits

Posted By

We opened a new checking account a couple months back because of fraudulent activity in our main account.  We thought we had updated all of our defaults for everything but just realized our customer deposits are still posting to the old checking account.  We have figured out where to update the account that those post to but what I am wondering before we make any changes is what would be the best course of action to remove the customer deposits we have already posted to the old account into the new account.  Just void the customer deposits that have not had an invoice posted to it and make a general journal entry for the remaining customer deposits that have already had an invoice applied to them? Or is there a better way?  The one problem I am concerned with the voiding of a customer deposit is that I have already made a bank deposit of those funds which deposited into the new account, so voiding it and re-entering it to post to the new account will put a payment into bank deposits section.  Also, will the void show up in the old checking accounts reconciliation?  Trying to not make a bigger mess while attempting to clean up what has already been done.  Thanks for any advice...

Parents

  • Collision1 - The only way to truly correct a Payment posted to the wrong cash account is to the void the payment and to repost it correctly.  HOWEVER, if you want to avoid voiding the transactions.....if the customer account balance is correct and the issue is more internal with how the checks where posted in BW to the wrong case account....then you can just continue to deposit the payment into the OLD account (since that is were they posted) and then just to a bank transfer (CM, Transactions, Enter Bank Transactions, Transfer )to transfer the amount from the OLD account into the new account.  The bank transfer will post a charge in the OLD account (which will zero out the deposit) and then post a Deposit into the new account.

Reply

  • Collision1 - The only way to truly correct a Payment posted to the wrong cash account is to the void the payment and to repost it correctly.  HOWEVER, if you want to avoid voiding the transactions.....if the customer account balance is correct and the issue is more internal with how the checks where posted in BW to the wrong case account....then you can just continue to deposit the payment into the OLD account (since that is were they posted) and then just to a bank transfer (CM, Transactions, Enter Bank Transactions, Transfer )to transfer the amount from the OLD account into the new account.  The bank transfer will post a charge in the OLD account (which will zero out the deposit) and then post a Deposit into the new account.

Children
  • in reply to Coleen Graber

    Coleen thanks for taking time to respond!  I will be voiding the deposits that have not had an invoice applied to them. Ones that have an invoice partially applied to the deposit cannot be voided.  So I think doing a bank transfer on those would probably be the best way to clear the old account.

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