Fix up customer payments

Julie DinsdaleJulie Dinsdale Member Posts: 11
edited September 7 in Accounts Business Range
Hello community,

You guys are always a great help to me, so hopefully someone can help me with this one.

We had a customer with a very overdue account. We started to receive these payments into our account and because of the description, we thought it was a different customer. I put these payments through as 'sale receipts'. Our financial year is from 1 Jan to 31 Dec and some of these payments were received in late 2019. I can't just go and delete and 'receive payment' against the correct customer, as we have been audited and had our AGM, so I can't touch any transaction from 2019.

I have tried to do it a few ways, but I end up with a negative balance against the customer I was putting the payments to and nothing against the customer, that the payments should be allocated against.

I am sorry, I am not always the best at describing things, so I hope I am not causing too much confusion.

Thank you in advance for any assistance.

Regards Jules

Comments

  • Kris_WilliamsKris_Williams Member Posts: 1,194 ✭✭✭
    edited September 4
    You could Receive Payment against the correct customer and bank it to a Clearing bank account, then enter a cheque from the same account posting to the income account that the Sales Receipt used. Clearing account will be zero and the original income from the sales receipt will now be reversed. Use tax code GST on cheque
  • Julie DinsdaleJulie Dinsdale Member Posts: 11
    edited September 3
    Thank you so much, it worked.

    I have used your advice to other people in this community, to help me, on several occasions. 

    Thanks for all your help.

    Kindest regards Jules
  • Kris_WilliamsKris_Williams Member Posts: 1,194 ✭✭✭
    edited September 3
    You’re very welcome, glad it worked for you
  • Acctd4Acctd4 Accredited Partner Posts: 929 ✭✭✭
    edited September 4

    Good suggestion Kris!

     

    I’m thinking using the "GST" tax code again on the transfer cheque would double-up on the GST amount though ?

     

    … Just tried it & noted the cheque wouldn’t allow a sales tax code on it anyway.

    However, using "NCG" instead, meant it reversed the GST double-up on the sale side & increased it by the difference on the purchase side, resulting in the correct GST outcome:


    ... & correct Net Sales result:

    ... & correct GST Payable account result:

    & correct (zero) records for both customers: 



    :)


    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    Reckon Accredited Professional Partner Bookkeeper / Registered BAS Agent (No: 92314 015)

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    0422 886 003

    [email protected]

    www.accounted4bs.com

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    Reckon Accredited Partner (AP) Bookkeeper * Regd BAS Agent (No: 92314 015) *

    ICB-Certified Bookkeeper * Seasonal Tax Consultant since 2003

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    0422 886 003

    [email protected]

    https://www.accounted4bs.com/

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