Getting rid of old Invoices from my Open Invoices reports

Rebecca_7630369

When I do a report on Open Invoices, it bring up old invoices from as far back as 2008 which have been paid but for some reason still appear on my report. How do I get rid of them without effecting any calculation in my system?
I've attached a photo so hopefully you can understand what I mean. Sorry for some reason it's sideways?????Plus I have heaps of old Purchase orders too I need to clear. I've been here for two years and still trying to get around to cleaning up the system. Thanks

Linda ABC

HI Rebecca - when you run an Accounts Receivable Ageing Summary - do these clients appear on the list but with a NIL balance?  And are you running your BAS on Cash or Accrual?  - the answer to these 2 questions will determine the fix...

The Purchase Orders can just be closed if they are no longer needed...

Rebecca_7630369

Hi Linda,

When I run Accounts Receivable Ageing Summary, YES the clients show with a nil balance, for the most part, but there are the odd few with 30cents or 1cent balance from 2008.

When I click on them and go back to the original invoice I could fix it but I'm concerned I'll messing up all the amounts and anything to do with TAX.


I've marked all the account that shouldn't be on there.

Thanks heaps

Rebecca

Rebecca_7630369

PS: The answer to the second part of your question: I don't know what you mean with this. I do all the reports and then email them to our Accountant. I don't know if this helps at all

Linda ABC

Hi Rebecca - this is really important - you need to know if you are on Cash or Accrual for your BAS - perhaps call the accountant and ask? also, what reports do you send to the accountant - can you list them?  this will help determine how they work out your BAS - the reason being - if you dont apply payments, even if the amount owing is NIL, and you are on Accruals and you rely on the Tax Summary or Tax Liability reports - then your BAS figures would be wrong for those dates... so its important to know if you are Cash or Accrual and what reports you accountant relies on to determine your BAS figures.  

Rebecca_7630369

Ok

End of Month Reports
Profit & Loss Standards
Balance Sheet
Trial Balance
Aged Receivables
Aged Payable
Unpaid Bills
Payroll Summary
Tax Liability
Tax Summary

End of Quarter Reports
Profit & Loss Standards
Tax Liability
Tax Summary

Yearly Reports
Profit & Loss Standards
Balance Sheet

Thanks so much for this Linda, I really appreciate it.

Rebecca

Linda ABC

ok - if you are on cash they can possibly work out the correct figures - although looking at the names on that AR list - I am wondering if there is GST on all your sales or if some have no GST? plus without knowing if you are on Cash or Accrual - I cant tell you to fix the problem the easy way or the slightly more fiddly way... one debtor you have marked actually has a balance owing..so that would need further consideration before fixing... ultimately your accountant will need to be brought into the consideration for fixing (have they ever asked you if the Ageing reports are correct and have you ever told them about the amounts that are incorrect?) - I really think you should either find a copy of a BAS lodgement and look on there to see if you are on cash or accrual (I am expecting it will say accrual?) or give the accountant a call to confirm - if you are on Accrual - the fixes for the ones that have a zero balance are much easier...

Rebecca_7630369

Hi Linda

I haven't forgotten about you I'm just in the middle of an Audit for the Office of State Revenue. I'll get back to this probably next week. I just have to get heaps of paperwork together.

Chat soon
Rebecca

Linda ABC

all good - no rush... very busy myself!  

Rebecca_7630369

Hi Linda,

Yes you're right, we are on Accrual.
I look forward to finding out the secret to cleaning up my invoice list.

Rebecca

Kathyd

Hi Rebecca or Linda

Did you ever get this sorted and if Yes, How? We are on accrual and I have exactly the same thing. I am tidying up some very old enteries dating back to 2005

Kris_Williams

If you are on accrual basis and are GST registered you will have paid GST on these invoices, so you need to do credits for them in the current quarter to have the benefit of getting the GST back. But this is something I would run by your accountant first

Rebecca_7630369

Hi Kathy and Kris,

Thanks for replying, I still have odd amounts outstanding.

My Accountant isn't proficient at Reckon unfortunately.

I'll have to get back on his case about it. I don't want to be losing the company money.

Thanks heaps.

Rebecca

Kris_Williams

Actually he doesn’t have to be proficient at Reckon just his accounting. If he says it’s ok to write them off you just do credit notes, but he has to understand why they’re in credit and then make a decision

Rebecca_7630369

Oh okay, thanks heaps