Sage help

Sage help

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How does deleting transactions in sage instead of reversing them affect the balance sheet? I ask because I have a client who has been doing this in nominal code 2210 which they use to post PAYE. It looks like they have posted something twice for several entries and instead of reversing them they have deleted them. Now when I look at the balance sheet the taxation figure under liabilities is in brackets ?

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By tom123
23rd Mar 2014 07:45

Deleting them is the same

Deleting the transaction is the same as reversing it - it just goes against the grain. If the journals for the liability are not posted, or deleted, the cash payments on their own will put the tax figure into a positive number - therefore a negative liability so to speak.

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