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author's profile photo Former Member
Former Member

Deposit cancellation

Hi,

My client creating the deposit as soon as he deposit the check in the bank.But outstation checks take time to clear

If the check bounces then he has to cancel the deposit but it is unable to cancel the deposit on the date on which it was created

If he cancel's in recent date there will be a mismatch in book keeping

Is there any option for the deposit to cancel like incoming payments i.e while cancelling, system asks whether to cancel in original date or today's date?

currently they are posting journal entry to create this, but issue is it is not possible to see this journal entry while running ageing report using 'sales employee' tab as this selection considers only the open invoices

How can i handle this?

Thanks

Md.nazeer Shaikh

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  • Best Answer
    author's profile photo Former Member
    Former Member
    Posted on Oct 09, 2010 at 11:58 AM

    Hi Nazeer,

    In general your customer should create the deposit transaction in SAP after the cheque isclear with that date, because actually their bank G/L should get updated on that date only.

    In this suggested solution your customer will be able to cancle the Incoming payment transaction in case of check bounce.

    Hope it helps.

    Best Regards,

    Samir Gandhi

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  • Posted on Oct 10, 2010 at 03:28 PM

    Hi Nazeer,

    This is the behavior of the system.

    The provision to cancel in original date/system date is provided in Incoming Payment because the customer would be asking for the statement of the accounts,where the customer need not know whether the cheques given has been cleared or not.

    The role of customer ends here creating impact in the accounting.

    When comes to the Deposit,the role of bank appears in which later we need to reconcile our books with the bank statement.

    For your case check whether the following workaround suits for you

    There is an checkbox option in the deposit screen-Reconcile Amounts after Deposit

    if you uncheck this checkbox and add the deposit document,it will not reconcile the Incoming payment and the deposit entry.

    So the from the bank statement when customer knows whether the cheque has been realized or not,he need to manually reconcile the incoming payment and the deposit entry.

    Here the user needs to enter the reconciliation date as the original date.

    Hope this is helpful!

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