There are several ways to reverse matched entries. In this blog post two of them are explained. The steps can be applied to debtors as well as creditors; so you can replace the term ‘accounts receivable’ by ‘accounts payable’.
Posts Tagged ‘Match’
A debtor could pay an invoice twice, for instance, because the invoice was both collected and paid by the debtor. It could also happen that someone has paid too much. This blog post will explain how the amount can be paid back.
While entering your bank statements, you might receive amounts that relate to multiple invoices. Via colelctive payments, you can indicate in a screen which part of the received amount you would like to match to which invoice. You could also immediately indicate which items you would like to write off or keep open.
If a debtor pays more than one outstanding invoice in one amount, then in case of a handmade entry the bank journal will show one amount upon matching the invoices. Furthermore, the field ‘our ref.’ will remain empty.
It is also possible to create an entry line automatically per outstanding item. For a large number of invoices, this is quite a lot of work, but there is also a way to let the system take care of this automatically. Please note that this manner only works if no partial payments have been included in the amount.
While entering bank statements, you can select one or more outstanding items that you can use to match with the payment or receipt. In the matching screen, via the option ‘Statements’, you can indicate that you would like to show other payments/receipts besides the invoices, which will allow you to match the payment/receipt.
Via the account card, it is possible to transfer an invoice or part of an invoice to the general ledger account for payment differences. In that case, in the match screen, you select the outstanding invoice and select the button ‘Match/Process’. A screen will then appear in which you can indicate whether you would like the write off the amount to a certain general ledger account, for instance the general ledger account that is set for payment differences. The match screen can be approached from the debtor or creditor cards via the menu [Finance, Accounts Payable/Receivable, Cards].
Would you like to know when a certain term has been matched? Or would you perhaps like to know who matched specific terms? All of this can be found within Exact Globe Next.
While entering purchase and/or sales entries, outstanding items are created. These outstanding items can be paid or collected. In order to prevent an incorrect outstanding item being paid or collected, you can make sure the outstanding items receive the status ‘Blocked’ immediately after creating them. You will then be able to rate the items first and then unblock them.