How do I correct a situation where a Payment on Account Receivable, was misapplied as a Donation (Sales Receipt) ? This error was made a couple of weeks ago.Normally we receive one of two types of checks from donors (Customers):1 Payment on Account Receivableor 2 Donation (sales receipt)In this case I misentered the payment as a Donation, when it should have been a Payment on account.
I haven't used QB in a while, but can't you just delete the erroneous transaction and enter the payment correctly then add it to the deposit?
I don't think it's that easy, because the payment has already been deposited. This error occurred a few weeks ago.
Well, I *think* you should just be able to delete it from your deposit, delete the entry, create the correct entry, then go back to your deposit and add it back.
I know I used to be able to do that in older versions - I am honestly not sure what kinds of audit trail limitations there may now be within the application or if they are turned on in your installation.
If you can't do that, then you will need to do some journal entries to make the corrections. While I could probably stumble thru it myself, I imagine some of the more knowledgeable folks in here would be better able to walk you thru that than I could ;)
I almost moved your post to the Journal Entries and Accounting Tasks forum because I don't think you can. If I'm wrong on that score, would somebody else please jump in. I suggest you make another post on the Journal Entries forum anyway.
Dennis
If you can't delete the transaction, you will have to go to the general journal and make your correction there.
The solution was provided to me in another forum:
"Issue a credit to their account and use the same account that was used on the sales receipt.
Apply the credit to the open invoice. "
Thanks for coming back to the forum and posting the answer and a link to where you found it...great example.
Dennis
