Hi gurus,
This is an asap issue. We created a lease out with first debit position date of 12/1/2007 but actual debit position should be done for january as this rent applies to the month of january. We received a check from the customer in december for the month of january.
Even before we realised the accounts receivable did the debit position and also cleared the payment. Due to some configuration issues, we could not fix the problem as they were close to month-end and had to close the books. So, they did a credit memo to the contract. But how do we handle this situation for the month of january. What adjustments do we have to make for the month of january.
My view is we can put in a $0.00 amount for the month of january in the contract so that when they run the debit postion this will not be considered. But now there is a credit memo for the december month and if they reverse it in the month of january, there will bean open item against this customer. However, this customer already paid us and incoming payment was mistakenly cleared for the month of december.
Atleast let meknow accounting wise as to how to clear the credit memo for the month of january.
Appreciate a workaround solution for the problem asap.
thanks