I have numerous supplier bills, from years ago that are not actually owed, so when I sort my transactions by open amount, for example, there is all these bills that are listed that are not outstanding. Its frustrating, how do I remedy this without throwing out our current period accounts?
Alyssha - I believe you should be working out why they are still outstanding before you make corrections... I would be researching each one - did you actually end up entering a cheque entry when you paid the bill - which means on an accruals basis you have recorded the expense twice? or did you actually never pay the bill, again meaning if you are on accruals you have claimed an expense that you didnt have? so once you know what happened with each one - then you need to consider - "does that mean my accountant claimed incorrect expenses for that particular period"? if so, and after discussion with your accountant, you probably could enter a bill credit in the current financial year - which will have the effect of clearing the oustanding bill, but reversing the overclaimed expense in the current year (most accountants would consider this approach reasonable, provided the amounts are not significant?) if your accountant has lodged tax returns on a cash basis (and your GST returns were also on a cash basis) and you are confident of not overclaiming expenses - then yes, you could do the bill credit in the original period to cancel out the bill entries altogether, given that they would have been ignored in cash reporting for the period concerned. So, I would do some research and work out the situation before doing any entries. Good Luck...PS - always run an open balance report first - in case you have some payments that havent been applied to the outstanding amounts... if you find these - dont just go into the payments and apply them... its better to go to Pay Bills and then apply credits - but with a date in the current period...
Not sure, it was in the system when I started working there. But the dates of the bills are a couple of years ago. They would either have been paid or will have been credited, as the supplier is not chasing them. Therefore I just need to journal them out, which is what I thought I had done by creating credit notes for them, but even after applying the credits, they are still sitting there. How can I fix this?
I have the same problem. I have two very old bills the and credits and one more recent one for which we received a refund. The amounts are still showing in our Unpaid Bills Detail report. I've followed the procedures as per the Reckon help. This is very frustrating. Can anyone advise?