Sage Sales Ledger Correction

Sage Sales Ledger Correction

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Hello Every Body,

Dear Members,

My bookeeper has posted same invoice twice on two different customers account in Sage (sales ledger) in the previous year. Year End has been done for previous year.

Now i have found out that invoice to Orignal customer is still outstanding while he has paid us. What happened was he raised the Sale invoice to other Customer account too and on Bank receipt he has cleared that account .

How could i correct this and post bank receipt to correct orignal customers account. Do i need to reverse one invoice posted twice.

Sage is set up to Vat Cash Accounting Scheme.

Kind Regards

Rehan Arain

Replies (3)

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By AnonymousUser
17th Jul 2007 15:51

simple - I think
On cash accounting, the VAT is right (an invoice was raised & was paid - regardless that it was to the wrong customer.

SLCA is incorrect by the duplicated invoice, and the turnover will be wrong.

therefore, if you raise a (dummy) credit note to the correct customer, sales will get debited and the customer account will also be cleared.

On the VAT side, there will be two ever outstanding amounts that will never have a 'cash' transaction, but they will be equal and opposite (VAT on the original invoice and on the dummy credit note).

Hope that helps

Paul

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By AnonymousUser
17th Jul 2007 16:00

Credit note
Hi Rehan

To keep things simple, I would post a credit note to clear the correct customer's account (against sales nominal code), and in details put "Paid as CUST002 ref 1234" i.e. the other customers reference, and the audit trail number.

Alternatively you could post a bank customer receipt to the correct account. Then post a credit note to the other customer (against sales nominal code), and (if using a latest version of sage that can do this) Refund the credit note. This refund will contra the new receipt in the bank reconciliation.
If you are not on a version of sage that can do this, you will have to raise a dummy invoice against 9999 (mispostings) and then make an opposite entry from the bank to 9999 to clear the bank reconciliation.

I would go for option 1 !

Hope that helps

Jenni

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Lamb
By Rehan1
17th Jul 2007 20:54

Thanks

Jenni , this invoice relates to Previous Year and Year End has been done .

Am i right in thinking that , i need to raise Credit note agains B/fwd Profit & Loss account (i-e Sage Nominal code 3200)

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