Saels on account posted in error

Sales on account

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Hi,

I have posted sales on account in the month of June, now need to correct it but as we have perfomed month end I can't simply delete it.

I can't jopurnal it out of the bank as rec's have also been completed. So it's sits as an overpayment on customer record and due the currency exchange (EUR) my bank balances each month are out  by this ammount.

Any advice how i can reverse it?

Thanks

Replies (12)

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By tom123
31st Aug 2016 15:58

What exactly do you mean here?

Have you posted a cash receipt to a sales ledger account.

Deleting a transaction is almost never the way to go.

How can bank balances be 'out' - what are you comparing to what?

If you cannot re-open the period and reverse the transaction, you need to reverse it in the first open period.

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Replying to tom123:
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By tomasz.koscinski
31st Aug 2016 16:10

So what has happened I used the wrong exchange rate at a wrong date. Henceforth My bank balance in GBP is £3k out.
And yes I have posted a cash receipt on customer account.

Cannot reopen the period anymore. how do I go about reversing the transaction as currently it sits: DR - Bank and CR-customer account

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Replying to tomasz.koscinski:
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By jndavs
31st Aug 2016 16:14

You have not said what software you are using, but a customer refund would probably do the trick.

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Replying to jndavs:
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By tomasz.koscinski
31st Aug 2016 16:17

SAGE 50, and when I use refund option is doubles it up.

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Replying to tomasz.koscinski:
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By jndavs
31st Aug 2016 16:24

Let me get this straight. As far as Sage is concerned, your customer has overpaid. Processing a customer refund doubles up the error?
This does not make sense.

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Replying to jndavs:
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By tomasz.koscinski
31st Aug 2016 16:34

yes you are right. thanks

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Replying to tomasz.koscinski:
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By jndavs
31st Aug 2016 17:51

What is the error that is being doubled up?
I assume that the customer balance is changing, and something else.
Is this the bank balance or sales?

What version of Sage Line 50 do you have?
- The latest is SL50 2016 / version 22
I only ask because Sage keep changing the UI, and knowing what screen you are looking at will make instructions easier.

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Replying to jndavs:
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By tomasz.koscinski
31st Aug 2016 17:51

V21 at present. And the misplacing was in EUR translated to GBP at a wrong date. I have run a test customer refund and the bank is going up as well as customer account is going down so it may work doing it this way.

But as we was paid 2 invoices I need to do PC to one of them to bring it to the right balance as my predecessor charged company too much and they only paid contract agreed amount.

So my logic is PC for let's say£100 and rest as a customer refund then match them on bank rec?

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Replying to tomasz.koscinski:
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By jndavs
31st Aug 2016 18:12

Are you saying that in addition to the overpayment, the customer has also been invoiced too much?
In that case you need to raise a sales credit (SC) for the difference.

In summary,
A customer refund to get the bank balance right and
an SC to correct the invoice.

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Replying to tomasz.koscinski:
By johngroganjga
31st Aug 2016 16:48

What is the transaction that actually occurred?

A receipt of cash from a customer?

In what currency?

How much?

If not in GBP was it immediately converted into GBP and paid into a GBP bank account, or was it paid into a bank account in another currency?

Note I am not asking about the accounting entries that have been made to record the transaction, but about the events themselves.

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Replying to johngroganjga:
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By tom123
31st Aug 2016 17:20

Quote:

What is the transaction that actually occurred?

A receipt of cash from a customer?

In what currency?

How much?

If not in GBP was it immediately converted into GBP and paid into a GBP bank account, or was it paid into a bank account in another currency?

Note I am not asking about the accounting entries that have been made to record the transaction, but about the events themselves.

I was struggling to ascertain that one too,

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By tom123
31st Aug 2016 16:33

At the moment you have to many customer receipts.
(assuming your original transaction was misposted)

You thus need a customer payment to correct it, as jndavs correctly identified.

If you are 'doubling up' I suggest you are confusing a refund to a customer with a credit note.

It has been many years since I used S50, so if it doesn't have the customer payment option you may need to post an invoice instead.

Code it to nominal 9999, using VAT code T9.

Then match the transactions against each other, which should clear your FX issue.

Then, to correct the bank, post a bank payment to the suspense account.

then reconcile your bank

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