Please can someone help - when entering the Bank Statements onto Sage and reconciling them I have allocated a payment to the wrong invoice (correct Customer but wrong invoice!). How can I correct this before the accountant comes in to do the month end? (tremble!) I presume I go into File - Maintenance but then what? Any help gratefully accepted. Thanks.
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Reconcile the replacement transaction
If you delete a "reconciled" transaction, then when you do you next bank rec, the opening reconciled bank balance will just be different by the amount of the deleted transaction. Just add/match the new (replacement) transaction (assuming its for the same amount as the erroneous one that was deleted), in the same way that you would reconcile any other transaction, to get back to the correct opening balance. Then continue as normal.
No, it won't matter, if...
No, it won't matter, if overall, you reconcile to the correct total, by the end of the "new" bank statement page number. (still use the statement reference as you normally would).
Sorry to go OT but...........
............this is one of the reasons I loathe and detest Sage.
And it is one of the reasons I love VT: everything in VT is editable - just lovely!
you have another option
I have spoken to my contact at Sage today, and explained that you were very worried about changing the bank transactions.
He advised me of another solution and asked that I should pass it onto you.
Enter another invoice on the system - dummy invoice for the same amount as the bank receipt.
Enter a credit note (same amount) on the system and allocate it against the invoice you should have matched the bank receipt against.
Both these invoices should be coded T9. You can post them to suspense or any account as they will cancel each other out.
You can leave the bank as it is and carry on with your bank recs as normal.
Tax Codes...
I have spoken to my contact at Sage today,
Both these invoices should be coded T9.
Not necessarily, if the VAT Cash Accounting Scheme is in use, you don't use T9, you use the code appropriate to the original invoice...
John
outstanding invoice...
I have spoken to my contact at Sage today, and explained that you were very worried about changing the bank transactions.
He advised me of another solution and asked that I should pass it onto you.
Enter another invoice on the system - dummy invoice for the same amount as the bank receipt.
Enter a credit note (same amount) on the system and allocate it against the invoice you should have matched the bank receipt against.
Both these invoices should be coded T9. You can post them to suspense or any account as they will cancel each other out.
You can leave the bank as it is and carry on with your bank recs as normal.
Although that wouldn't touch the bank, I would be cautious about doing that in general, because it would mean that the outstanding invoice left on the customer account wouldn't be the actual o/s invoice (it would be the "dummy" invoice that would show as o/s). Consequently, it might cause confusion if sending out customer statements or doing credit control.
(Should also mention - it's possible to do a bank rec just for the one correcting customer receipt transaction. (using, say, the original bank statement number & date with "A" or "adjust" or "correct" etc.. as a suffix) and then the opening reconciled bank balance on the next proper bank rec will be correct.)
Louise
www.figurate.co.uk
www.happyaccountant.com
agree with John and Louise
Posting dummy invoices may correct the problem, but may cause other problems, so is certainly not the ideal solution.
As initially pointed out the simplest way is to delete the transaction, as mentioned in my first post.
BP
A bp has been made to diesel account instead of drawings. When I am making the change through a journal do I journal it out at the gross amount at t1 or net amount at t1. I am really confused please help