sage query

System
System Posts: 100,537 🤖 Admin 🤖
edited June 9 in General accounting discussion
I've discovered that I've entered a received cheque onto Sage inclusive of VAT, which actually had no VAT on it as it was for compensation.

Unfortunatly I've also reconcile the bank statement that shows the payed in cheque.

Is there any way I can correct this, or will I have to restore to the week before (as I only work one day a week),and input all the weeks work again??

Please advise

Helen :cry:

Comments

  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:sage query

    Hi Helen

    You should be able to correct the transaction by going into File maintenance. Make sure you do not change the total of the transaction. Also change the tax code if you need to. You will get a warning that the transaction has been bank reconciled, but as long as you don't change the value you will be ok. It's probably a good idea to check the last bank reconciled figure before and after, so that you know everything is ok. If you are worried about it take a backup first.

    Don't try this after you have reconciled the VAT, you would need to enter a journal then instead, which is another way round the problem now if you would rather not use file maintenance, you would just need to remember to use the correct Tax Codes on the journal.

    Sue
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:sage query

    Helen

    Sometimes when you do this you get two opposing entries showing on the bank rec - as they cancel each other out it doesn't change the price of bread, but to keep things clean just reconcile them against each other.

    As Sue says go into file maintenance change the net amount to the gross, the VAT to £0.00 and then tax code to T9.

    If you have already rec'd the VAT let us know, and I will help you with the journals needed.

    Claudia

  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:sage query

    Thanks Sue and Claudia, it worked!

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