clearing small amounts

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[Deleted User]
[Deleted User] Posts: 0 ✭
edited April 2020 in Accounts Hosted
Hi All. What is the best way to clear small amounts like balances of 10c. Negative & Positive

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  • lee_7035973
    lee_7035973 Member Posts: 5 ✭
    edited June 2015
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    Hi Sharon, I just do a general journal.  Accounts Payable /Receivable against stock purchases.
  • Kwikbooks (Professional Partner)
    Kwikbooks (Professional Partner) Member Posts: 824 ✭✭✭
    edited April 2020
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    Hi Sharon

    Depends on where the balance is, if they are left on invoices that were short paid, you can alter the invoice bit the cleanest way is to create an item for 'rounding adj', create an expense account for the same, you can then add a line to the invoice +/- and round off the cents, same for bills when Reckon doesn't calculate gst same as suppliers invoice, do a rounding adjustment entry.

    Kim: 0429 305300  E: Kim@kwikbooks.com.au
  • gazza73
    gazza73 Accredited Partner Posts: 803 Accredited Partner Accredited Partner
    edited December 2016
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    Kim - good clue.

    That's the way to go - agreed!    And if necessary,  a two-liner combination that ensure the GST amount doesn't adjust previously reported total GST amounts.  (IE: a combination of FRE and GST line items if absolutely necessary, to yield a nil effect on GST).


    Cheers!

    Gary Pope
    An Accredited Partner- Consultant  (VIC. Aust)

    "Working with Accountants/Bookkeepers PPs/APs, as an
          independent IT Professional     and retired FCPA Accountant"

  • Kathy Mackinlay_6947388
    Kathy Mackinlay_6947388 Member Posts: 141 ✭
    edited June 2015
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    I do a journal and write off to an account for Small Balance write offs.

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