When a Business changes hands it is inevitable that Customers will make payments to the incorrect bank account. These steps can be used to record payments made incorrectly to the Old Owner as well.
The following process clearly tracks what has happened and makes it easy to locate the incorrect payment if necessary.
To clearly process what has occurred, it is recommended that an Unallocated Customer payment is recorded against the Customers account.
The next step is to process a Customer Adjustment to remove the credit from the Customer and add it to the General Ledger code set up for the Old Owner.
Against the Customers account we can see exactly what has happened.
Go to the Cashbook to enter the payment to the Old Owner, using the same General Ledger Code.
The Bank rec will then record both the receipt and the payment.
The General Ledger will also record both transactions.