Ability to use Receipts in Process account

Our organization utilizes Receipts in Process accounts for all of our incoming payments. At the time the funds are received, a journal is created to debit cash and credit Receipts in Process for the appropriate entitiy. When the funds are applied in AR/CR the system should debit the Receipts in Process account and Credit the appropriate AR or other account. A Receipts in Process account should be a Liability account, as the funds have not been identified yet. However, FE will not allow you to use a liability account on a Bank setup. As a result, we either have to list our Receipts in Process account as an asset (incorrectly) or enter all payments as Credits rather than utilizing the Deposit functionality.

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  • Sep 5 2024
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