Reconciling minor payment anomalies

[Andrew Sackville-West]

On Sun, Apr 05, 2009 at 05:56:29PM -0700, Des Dougan wrote:
> Andrew,
>
> On 1 Mar 2009, at 13:41, Andrew Sackville-West wrote:
>
>> On Sun, Mar 01, 2009 at 12:57:30PM -0800, Des Dougan wrote:
>>> Occasionally a client will misread an invoice and the payment will be
>>> a cent or two out. What is the best way of zeroing these out? Is it  
>>> to
>>> unpost the invoice and adjust and repost?
>>
>> typically, I'd just record the payment normally and then go in to that
>> txn and manually split the discrepancy into a slush account. But being
>> a cash business, I already have allowance for this: INcome and expense
>> accounts for till overage/shortage and so forth.
>
> Apologies for the delay in responding - I only got to look at this  
> today. I went into the Income account (Consulting Services in this case) 
> and tried to adjust per your suggestion; however, as the txn came from a 
> posted invoice, it won't let me adjust it. Am I missing the point? Or in 
> the wrong place?

Not sure. If I receive payment on an invoice (very rare for me) I
would mark that invoice as paid and there will be a corresponding
deposit in my checking account. It will have two splits, one from A/R
and one to checking. I would adjust the amount of the checking split
to match that of what was actually received. This would leave the
transaction unbalanced. Then I would credit or debit, as appropriate,
the unbalanced amount against the slush fund. 

IOW, this adjustment happens entirely outside of the normal A/R or A/P
system and is really just a reconciliation of expected  amounts
against actual amounts.

hth

A
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