Can someone help me please I don't know how to correct an error regarding an intercompany bank transfer on sage

Can someone help me please I don't know how to...

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Hello. I have made a mistake doing an inter-company bank on sage. I transferred £150,000 into our dollar account where I should of transferred £88,000. So in my dollar account it showed as $240,000 where it should show $150,000. I then made another mistake and only transferred $150,000 where I should of transferred $240,000. Can someone please help me I'm not sure how I can correct this on sage. I am new to all of this.

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By johngroganjga
16th Dec 2014 20:27

Just reverse the incorrect entries and start again.

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By DKB-Sheffield
16th Dec 2014 20:39

Hi Emma,

As John so rightly says, reverse the entries. I'm not sure whether this is possible through he banking or corrections provision. However, as a transfer is a journal entry, you can reverse both transactions by going into "Nominal Ledger" / "Reversals", enter the date and find the transactions which need reversing. Once all is reversed, post the correct ones.

A word of advice... once you've reversed the transactions, and to avoid confusion when you get to the bank rec stage, go into each bank account now and match off the erroneous postings and journal corrections (you use you closing balance as the opening balance). They should reconcile to £Nil and it will save a lot of head scratching next month (when you rec)!

Hope this helps

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By Moonbeam
17th Dec 2014 13:55

May not be so easy

It may be that automatic reversals or deletions are not possible if you are using the foreign currency option. If you find you can't delete these items, print out the transactions on each bank account and work out what the opposite transactions should be to delete the transactions that were wrongly entered.

Then do those opposite entries and look at the effect on the bank accounts.

Once you're happy you're back to square one, mathematically speaking, do the entries  you should have made and all will be well.

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By sagetrain
17th Dec 2014 23:15

One Vital thing to Remember

When dealing with adjustment entries to the Journals in the form of foreign currency transfers between banks- 

1. Go to Maintenance to double check the original Entries to discover  Exchange Rate used  2. Now temporarily  input the exchange rate used in original entries 

3.  Reverse the Journal Entries out.  (Always check dates are correct)

4.  Then re input the Tranfers. (Always check currency rate and dates are correct)

5.  Afterwards do not forget to re enter the current Exchange Rate!!!

6. Also another tip with dealing with foreign currencies is to make the accounts more user friendly

References for each transaction

Use the currency and amount ie USD 10,000 as Reference
 ie. Ref = 'USD 10,000'.  Otherwise if you look at the £ equivalent, you would not easily know or recognise the exact USD amount!! 

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