Legacy payments account in Core

What is the 12010 Legacy Payments account in the Chart of Accounts screen in Core?

Legacy Payments account is a system account used when payments from the Undeposited Funds account cannot be deposited into your company bank account. Typically, you use it when your historical payments are previously deposited elsewhere and recorded in another software, and now migrated to Core. In this case, re-depositing payments into your bank account within Core would provide incorrect account balances and so the Legacy Payments account is used instead.

Was this article helpful?
0 out of 0 found this helpful