Accounts Receivable in sage 100 Contractor

I am transferring Quick books entries into Sage contractor 100.  We receive a check from a customer and enter it in Quick Books thru "receive payments"  module which posts the payment to the customer invoice and then posts the transaction to an "undeposited funds" account not directly in our checking account. This clears the invoice as paid and hold the funds there until we  go to the bank and actually make the deposit. Once we do our banking  we can move that payment through the "make deposit"  module so that is hits our checking account and we can us the same date the funds actually went into our checking account. This undeposited funds account shows up on our balance sheets as a current asset. I need an account that does the same in Sage as we often get checks that we post to an a/r invoice say in November but do not physically deposit until the next month. My problem is my balance sheet and a/r are off now in sage because I cannot duplicate the posting process that Quick Books has. Invoice paid in November put money deposited in December.  If I go thru cash receipts in Sage it the funds Sage directly posts to the checking account and shows up as cash deposited for November when it was actually deposited in December. Plus I will not be able to reconcile my checking account monthly if deposits show up in the wrong month.

Anyone have a suggestions or experience on how to at least make my financials match until i get to current? 

Parents
  • 0

    You can post the check in November, and wait to deposit it until December.  You will still be able to reconcile your bank account.  The deposit will just be an uncleared deposit as of November 30.

    Another option would be to create a "bank account" called "Undeposited Funds".  You can post the checks to the "Undeposited funds" account.  Then, when you actually make the bank deposit, you can create a journal entry and move the deposit from "Undeposited Funds" to the appropriate bank account.

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  • 0

    You can post the check in November, and wait to deposit it until December.  You will still be able to reconcile your bank account.  The deposit will just be an uncleared deposit as of November 30.

    Another option would be to create a "bank account" called "Undeposited Funds".  You can post the checks to the "Undeposited funds" account.  Then, when you actually make the bank deposit, you can create a journal entry and move the deposit from "Undeposited Funds" to the appropriate bank account.

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