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Details: A Prepayment was created for employee A (check was issued to employee A) for A to deliver funds(cash) to employee B (due to currency issues). Employee B submitted expense reports against the monies received but because prepayment is in Employee A's name and the bills are in B's name, how do we close out the Prepayment in A's name and the bills in B's name?
My initial thought was to "Void" the prepayment in A's name and reissue in B's name but will that void the check that was issued, cashed, and cleared? How will this impact the Cash reconciliation? Is there a better and easier way to do this?
When I tried the above thought (in a copy of the tenant, of course! LOL!) I am not sure how to apply the prepayments to the bills when my only option is to "write a check" but I don't want that option because it will affect the Cash accounts... Any suggestions?
Unfortunately there is no way that I know of in the system to change the vendor on a posted bill (the Reclassify function only allows changes to the expense component of the bill if you have that turned on)
If you void the original check and then reissue the payment under the correct employee (just in the system, don't actually print and mail the check), in your reconciliation you should have a + and a - amount that exactly match to $0. You will just need to manually select them during your reconciliation to clear them out.
If you don't want to touch the cash accounts, I think the other alternative would be to create a debit memo (reverse the bill) to clear out the Bill from employee B (then apply the adjustment to the bill) and create a bill for the same amount for employee A to match up the payment.
In either situation I would make use of the notes fields to track why I was making these adjustments/changes.
The bills are in the correct vendor...it's the prepayment that is not. Cash was issued to Employee A who then delivered to Employee B (International currency exchange mumbo jumbo reason), The Prepayment needs to be in Employee B's name so that the bills submitted by Employee B can be applied to the Prepayment issued originally to Employee A. I was hoping to issue a Debit Adjustment to Employee A....Can I issue instead of a Prepayment, a credit adjustment against the bills that are in Employee B's name? Currently trying to see what all accounts would be affected by doing this... Thank you for your reply! Will let you know the results. Thank goodness for "testing" environments!! LOL!
On Employee A you can do a Credit Adjustment (Crediting AP, since they currently have a debit balance on AP) and match up the payment and the adjustment.
On Employee B, you can do a Debit Adjustment (Debiting AP, since they currently have a credit balance in AP) and match up the adjustment to the bill.
When I first started in Acumatica the Debit/Credit adjustment terminology in the AP module confused me, but it does make sense.