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Post Info TOPIC: Sage - Overpaid Invoice - Journal Posting - How?


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Sage - Overpaid Invoice - Journal Posting - How?
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Hi,

I entered a supplier invoice into Sage for £1766 in a previous month.
The invoice had a VAT amount and this was recorded.

This invoice total should have been £1776, I posted it £10 less than it should have been.

I posted it as £1766.

Later, when it was paid, I opened the supplier account, and clicked "pay in full", and I didn't notice the £10.

When I came to bank rec the month, I found a £10 difference and identified it as this transaction.

I opened the corrections and altered the purchase payment of the transaction from £1766 from £1776.

My bank rec now balanced (in excel, not in Sage).

Then I noticed that this suppliers' account was showing a minus  -£10.

So I thought I could correct the original invoice through maintenance, but when I tried, I received an message saying

"This transaction has been allocated against a receipt and VAT calculated,therefore this change cannot be allowed."

I can't change the payment to £1766 because that would leave £10 too much in my bank account.

I have thought about using a journal to correct this.

This supplier was a one-off, so I won't be able to offset it against any future invoices, as there won't be any, and I haven't even considered the vat element of this £10.

Can anyone tell me the right way to bring the supplier's balance back to zero in Sage without changing the bank balance?

Thanks


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Expert

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Why did you try to correct the invoice rather than pay the supplier the extra ?

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Steve


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It seems that what I've done is overpay a supplier by £10 by recording the original invoice at £10 less than it should have been.

I don't understand your question Steve, but thanks for replying.

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Expert

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entered a supplier invoice into Sage for £1766 in a previous month.
The invoice had a VAT amount and this was recorded.

This invoice total should have been £1776, I posted it £10 less than it should have been.

It seems that what I've done is overpay a supplier by £10 by recording the original invoice at £10 less than it should have been.

So you've paid the right amount, happy happy all you would need to do is put an invoice in with the same reference for the extra tenner happy days.

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Steve


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i agree with steve. invoice for ten pounds.but yes journal entries can help identifying in the future what the error was especially if someone else is looking at the books apart from you-ok it was only ten pounds now.

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Attila



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Thanks for your advice both.

You're right - the only way I can see how to do this in Sage is to create an invoice with the same number for £10.

I had thought about making a journal using Sage's n/c 9999 (mispostings a/c)

I was going to credit 9999 with £10 and debit the supplier a/c by £10 and bring it back to zero.

Only thing is, Sage wouldn't allow me to alter an individual supplier, I could only use the creditor control a/c.

So that idea went.

Then I looked at Sage's Supplier write-off/refund, but again, it wouldn't let me do what I wanted to do in this situation.

On a paper system, the book keeping entries I wanted to make were:

Credit Misposting a/c £10
Debit Supplier a/c £10

Thus avoiding a change to the bank balance, as no change to it is required.

If anyone knows how to do this in Sage, I'd be glad to hear from them smile.gif

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Newbie

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Oops... just thought about the above.

If I create another invoice for £10, enter it into Sage, then pay it, my bank balance is reduced by £10.

This isn't what I want to do, as the supplier has been paid the correct amount, it was the original invoice that was entered wrongly.

I suppose the only way I can see of doing this in Sage is to delete the original transaction and start over !

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Senior Member

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If your supplier is showing -£10.00 by posting a supplier invoice for £10.00, as already said above, they will cancel each other out and the account will be clear.



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Sue
Assist Office Services - Bradford Bookkeeper


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I am inclined to agree with Sue

The only error is the invoice amount being undercast by £10, the suppliers account is effectively showing a payment on account.

By creating an invoice and using the calc net button you will have created an invoice for £10 incusive of VAT. Allocate it to the payment on account and everything should be back to normal. I think you should be able to use the same invoice reference number for this invoice.

Bill

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