Advance payment for multiple invoices for multiple accounts
Mike or Penny Novack
stepbystepfarm at mtdata.com
Fri Jul 11 09:31:31 EDT 2014
David Gillam wrote:
>Donna,
>
>I'm not an accountant, so my answers may not fit with proper accounting methods, but...
>
>
I'm not an accountant either, but have done financial system software.
The usual practice is to have an account named "Suspense" (this can have
fundamental type "liability" or could be a negative ""asset" account).
Checks that come in for unknown reasons or have amounts in excess of
invoices, etc. get entered into suspense. Of course all of these have to
eventually be cleared from suspense to the account where belongs once
that has been determined.
In other words, incoming checks don't sit around undeposited.
Part of the work flow would be a periodic report on what is still out
there in suspense (each should be assigned to somebody to clear up).
Michael
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