Customer Payments

[Former Member]

My client has the following scenario for receiving Customer Payments: We want to set up this scenario in SAP.

1) Often companies require cash receipts to be deposited initially to a bank account. The bank receives the payment from the customer. What accounting entries will this payment generate?

2)The bank sends a list of payments received to the company. This will create accounting entries in the company's loan accounts and the bank account. What are the accounting entries in this case?

My questions are:

1) When the bank receives the payment from the customer, what will be the accounting entries for

a) customer and

b) bank

2) What accounting entries will be generated when the bank sends a list of payment received to the Company to clean off the loan account that the company has with the bank?

Any help is highly appreciated..

Thanks,

Atashi.

Edited by: Atashi Mukherjee on Oct 24, 2010 11:51 PM

Edited by: Atashi Mukherjee on Oct 25, 2010 9:46 PM

[Former Member]

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