Need to have CC payments via AR Cash Receipts also post to BR. Currently this type of transaction post to AR and GL but not BR. In order to get the receipt into BR, you need to do a second step of entering a Bank Dep/Adjustment. This should not be a 2 step process.
by: Michelle M. | over a year ago | Financial Management
Comments
You are not using the correct process -- you should not ever have to make a manual entry to bank rec. When you process cc transactions, it should debit an asset account, not your checking account. When you receive the settlement transaction, you make a transaction journal entry for the whole settlement amount that debits checking, credits your asset account, and also posts to bank rec in one step.
An option to let the end user decide on flow into Bank Rec would be nice. We update a Cash Receipt deposit and it hits the Bank Rec module. We don't know if the checks have gone to the bank or processed yet by the bank. Why can't the end user have that option of they use the credit card module?