[mardybum13]

I work for a private company. When a salesman deposits the sale amount into the bank, we Debit Cash and Credit A/R.

On this occasion, salesman deposited a receivable amount (3000) in the company bank account. Bank only recorded part of the amount (2500) and the remaining (500) a month later. Do I credit the full receivable of 3000 on the date the 2500 was received?

[Todd]

You would credit the A/R for $2500 and the additional $500 would be a posting difference, which is a reconciling item listed on the bank rec. The next month when the bank deposits the additional $500 you would credit the A/R and delete the reconciling item off the bank rec.

[mardybum13]

I should've explained it better. The deposit was made on 26/08/2017 but the ATM machine did not return any deposit receipt back as it had a problem. The 500 was then received on 02/10/2017.

Would this still count as a deposit in transit? Its my understanding that there is a reconciling item on the bank rec only if I credit the A/R on 26/08/2017 for 3000 (as opposed to crediting it the next month?

[Author]

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