Balancing act

Lucy_Cross

We paid a deposit for $1500 for a consent in March 2020, there was no invoice issued to us for this deposit but we show in Reckon as having paid this, therefore the accounts been showing a $1500 credit ever since.

In May this year we paid the invoice value of $4168.75, less the $1500 per the invoice which deducted the deposit amount. I want to be able to ensure reckon picks up the full amount we have paid against our coding. How do I do this correctly?

Acctd4

I’m not sure I fully understand the scenario ... So you paid an initial deposit of $ 1,500, then received the bill later showing the full amount less your deposit, with a remaining balance payable?

If that’s the case, enter the Bill for the full amount ($ 4,168.75). Assuming you entered the deposit payment as a Write Cheque, edit this cheque to post to your Accounts Payable account. (IMPORTANT: Ensure there’s no tax code on this line!) This will make the payment available as a Bill Credit to apply to a Bill.

Go to Pay Bills & allocate the Bill Credit (eg the Chq Pymt) to the applicable Bill. This will now leave the appropriate balance payable.

The above ensures the full amount of both the expense & GST are accounted for whilst also accurately reflecting all the transactions involved. ☺️