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How to reconcile multiple accounts?

By
Walid Baruni
on 5/21/14, 3:55 PM 2,093 views

Hi 

I have customers with entries in multiple accounts of type 'Receivable'. When I try to reconcile those entries together, I am faced with this error:

"Entries are not of the same account or already reconciled !"

Also, consider the case when the customer issues an advance payment. When the invoice is generated afterwards, we might assign a different debater account than the account the payment was issued to. The invoice will remain 'Open' and cannot reconcile it with the payment!!!

Please help!

0
Eva Pinter
On 5/22/14, 6:39 PM

Hello Walid,

Most ERP system will not let you reconcile two customers with each other or unrelated supplier/customers.

For advance payment, you will need to have an account so that you will first book BANK/ADVANCE PAYMENTS. You will then book CUSTOMER/REVENUE   and ADVANCE PAYMENT/CUSTOMER. When you receive the payment, you will book BANK/CUSTOMER.

As you see, there is no reason to reconcile two customers. You will always only reconcile the "advance payment" or the "bank" with the customer.

Best regards

 

0
Walid Baruni
On 5/22/14, 5:03 PM

Joe .. I am trying to comment on your answer, but I can't find a comment option!!

The case of having 2 different accounts to reconcile is very common, and solving this by creating a manual account move for each customer is impossible! Consider the common case when the customer issues an advance payment, but the invoice generated afterwards affects a different debitor account!

0
Jos De Graeve
On 5/22/14, 8:29 AM

Hi,

This is a failsafe mechanism, and in some countries it is actually illegal to reconcile between different customer/supplier accounts.

What you should do is create a miscelaneous journal entry to debit one account and credit the other.  The move lines resulting from this can be reconciled.

Regards,

Jos

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Asked: 5/21/14, 3:55 PM
Seen: 2093 times
Last updated: 3/16/15, 8:10 AM