Balancing act

Lucy_Cross
Lucy_Cross Member Posts: 9 Novice Member Novice Member

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?

Comments

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,780 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert
    edited June 2021

    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. ☺️

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    shaz@accounted4.com.au

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)