How do i reverse the receipt of items please? I have received items (incorrectly) and entered the bill which has subsequently been paid.

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How do i reverse the receipt of items please? I have already received items (incorrectly) and entered the bill which has subsequently been paid before i found out we didn't have the goods.
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Wendy

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Posted 1 month ago

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Hi Wendy

There are a few different options depending on whether you are reporting GST on a Cash or Accrual basis?

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

shazinoz2@bigpond.com

www.accounted4bs.com

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Wendy

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HI Shaz,
thanks for responding - i am not sure about the reporting i'm afraid i think cash basis. I didn't think it would be a complex issue - it seems such fairly simple error that i thought would be easy enough to reverse. If the bill hadn't been paid i simply would have deleted it and either waited for goods or re-entered it as a bill without the receive items.
I have the goods now so it's not such an issue but i would like to have known how to do it in case it happens again. 
cheers
wendy


Hi Wendy

 

If GST is definitely reported (eg BAS) on a Cash basis (or if on an Accrual basis & the disparity between receiving the goods & the bill date is all within the same reporting period) then yes, you could just delete the original bill & enter it only upon receiving the goods.

 

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

shazinoz2@bigpond.com

www.accounted4bs.com