write off or credit note?

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mariamcd020
mariamcd020 Registered Posts: 36 Regular contributor ⭐
in AAT Level 4 (Level 8 in Scotland)
Hello. I am tidying up the end of year accounts for the company i work for. Can anyone tell me the implications for the following.

They have a lot of 0.04 0.02 4.00 difference on invoices that are on the customer ledgers from ages ago. what shall I do to get rid of these.Director says to clear them. Shall i credit note or write off.?

whats the difference with regards to effect on accounts


also on the supplier ledgers there are invoices showing as outstanding which have been paid but there are some confusion as they were paid when we were using quickbooks but the guy who transferred it all over from sage put these on. They are paid months ago as I checked the bank and statements in.


How can I clear these.

PS HOPE THE STUDIES ARE GOING WELL! XXX

xx

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  • jewels.p
    jewels.p Registered Posts: 1,774 Beyond epic contributor 🧙‍♂️
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    Our accountant has asked me to clear the same thing from our Sage and I am doing them as write offs. If you go into the write off screen it asks you what type of records you want to write off.

    I amnt sure what you would do with the Supplier problem I would think you will have to reverse the transactions by doing credits but not sure how this will affect your VAT Return if the transactions have already been accounted for in another system.

    Hope this helps you.

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