Make amendments to posted collections in the system. This involves changing the payment or bank/GL account for a selection collection due to incorrect posting and discrepancies in the bank reconciliation.
Typical Journal Entries posted is as follows, after amendment is approved:
|Update of Payment Mode only
|There is no change in GL Account, hence no posting is required.
|Update Bank and/or GL Account
|GL Account, hence no posting is required.
Corrected Bank/ Cash GL Account
Original Bank/ Cash GL Account
1. From the homepage, go to Finance module.
2. Navigate to the Accounts Receivable and Amendment of Collection Payment Mode.
1. Click the Create New button.
2. Select the Business Entity from the list.
3. Search the Collection from the list and input the Reason for amendment.
4. Under the New Payment Information, perform the following:
- Select the New Bank Account from the list
- Select the Cash Account from the list
- Add the payment by clicking the Add button and populating the following:
- Payment mode
- Amount paid
- Amount received
5. Once done, click the Submit for Approval button.
- For transactions that selects payment mode(s) that require bank reconciliation, a pre-requisite process shall be done via Collection Status Update function upon confirmation of bank clearance date to reflect successful collection.
- For transactions that selects payment mode(s) that do not require bank reconciliation, successful collection will be posted.
- A Posted Collection can no longer be edited or deleted, and can only be reversed via the Reversal of Collection from Customer function.