I sent an invoice to the client last month, they accidentally sent to my personal bank account (which they previously had) instead of the company's bank account. I have transferred the next day to my company's bank account.
Now that I have started using Sage from this month, while categorising my bank transactions, how should I mark this transaction as? Would it be marked as "4010 - Sales - Services" for the client name? or should it be marked as something else?
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+ 1 Lion
OP - If you do what you are suggesting, surely you would have 2 lots of sales counted for the same transaction, one when you process the invoice and then when you process the bank payment.
Also dont split your '4000' sales codes out by customer name.
I would suggest you get a bookkeeper on board.
Assuming you are running a sales ledger (i.e. coding the invoice, not just the cash receipt) then:
Inv was Dr Debtors Cr Sales
Client payt was Dr DLA Cr Debtors
Your repayment was Dr bank Cr DLA.
Net result: Dr bank Cr sales. No debtors, no DLA
With the best will in the world, if the double-entry on this is beyond you, you need to engage the services of a bookkeeper or accountant at some point.