Supplier Credits in excess, how do I reverse this.

Ruaeng
Ruaeng Member Posts: 4 Novice Member Novice Member

Hello,

I am new to bookkeeping in general, I have been using reckon accounts hosted for just over a year now and have slightly improved.😬 I have inherited a lot of errors which I am slowly but surely getting through.

I have tried to sift through a lot of the content about credits but have not managed to find the answer (I am guessing I haven't asked the right question). so long story short, I am finding that many of our regular suppliers have these massive credit amounts - due to payments made (cheques deposited) and then deleted - for whatever reason, double entry or a mistake I'm thinking.

Now how do I correct / reverse these?

Also, will this upset my reconciliation records by mucking with these numbers?

Been down that road a few times, I can confirm it only causes late nights.

kind regards

Comments

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,754 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert

    @Ruaeng Is the client on Cash or Accrual for BAS & how far back do the credits go?

    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!)
  • Ruaeng
    Ruaeng Member Posts: 4 Novice Member Novice Member

    accrual and as far back as 2021

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,754 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert
    edited June 2023

    In that case, I would enter a Bill(s) - dated in the current period - & allocate the Bill Credits to these to clear them.

    (You can do this via GJs but I personally am not a fan of using GJs unnecessarily as:

    • These can't apply to multiple A/P Suppliers
    • GJs don't allow enough detail
    • They're also more difficult for non-accounting users to understand what they represent)

    Only payments affect the Bank Rec 😊

    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!)
  • Ruaeng
    Ruaeng Member Posts: 4 Novice Member Novice Member

    Fantastic, thank you for the reply will give this a try.