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LauraW


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Quick problem - I hope
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Hi everyone hope you can help me with this little problem.

I am going through my first mock exam (ICB Level 1 - Lee Crescent) and got a question I have not come across in my studies before and wondered if anyone could help me.

I have received an invoice which is incorrect (to our advantage £10 cheaper than it should be) do I send it back for correcting or pay it and wait for them to realise their mistake?

Thanks everyone
Laura

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Alison


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HI

For the exam they will probably expect invoice to be sent back for correcting.

In the real world though if it is to advantage people pay that and wait for them to realise their mistake.

It is like in the real world if someone pays an invoice twice in error that company who received will sit on the money in their bank account until the person paid the invoice twice contacts them, dishonest but happens a lot.

Alison

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LauraW


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Thanks for that Alison, its what I thought but just wanted to make sure.

I know the real world is different but when you are learning everything has to be just so.

Laura

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Terri


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For the exam I think that you would have to re calculate it to show that you understand why it is wrong and then send it back for a replacement invoice

Terri

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Terri Homyard AICB CB. Cert PM. Dip

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LauraW


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Hi Terri,

I have amended the invoice to show what is incorrect and said that I would send it back.

Sent the exam off now so fingers crossed.

Thanks
Laura

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Terri


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Good luck Laura, I hate waiting for exam results back - I'm waiting for some myself at the moment and the time seems to drag :D

Terri

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Terri Homyard AICB CB. Cert PM. Dip

A1 Bookkeeping & Payroll Services

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Julie Dawn


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Yes I know how you feel, waiting for my last CAT exam result...which I took on 10th June!

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Julie Savage
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Terri


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Julie

That must be driving you crazy! I am the most impatient person on the planet. I hope that you get your results back soon

Terri

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Terri Homyard AICB CB. Cert PM. Dip

A1 Bookkeeping & Payroll Services

www.a1-bookkeeping.co.uk
Julie Dawn


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Terri,
Yes it is.....I am also impatient, should get results on 17th August :) I am also waiting for results of ICB level 3 computerised too!! Julie

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Julie Savage
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Terri


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Julie,

You are my hero, I would be camping outside ICB head office now demanding the results :D



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Terri Homyard AICB CB. Cert PM. Dip

A1 Bookkeeping & Payroll Services

www.a1-bookkeeping.co.uk
Julie Dawn


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Dont give me ideas :) :)

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Julie Savage
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LauraW


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Good Luck everyone

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LauraW


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RE: Quick problem - I hope x2
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Hi there, I hope you can help me with another little stumbling block I have encountered. 

If a credit note is received from a supplier would it DR the supplier ledger and CR the specific account ledger and VAT ledger?

Can't quite get my head around credit notesconfuse

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kjmcculloch


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RE: Quick problem - I hope
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All a credit note does is cancel out part/all of a sales invoice (or purchase invoice)

So if your sales invoice creates the following:

CR Sales, Credit VAT and DR Customers Account

Then the credit note would be:

DR Sales Returns, DR VAT and CR Customers Account

Likewise a purchase invoice create the following:

DR Purchases, DR VAT and CR Supplier Account

then the credit note would be:

CR Purchases Returns, CR VAT and DR Supplier Account

They're just the reverse (almost) of the invoice.

Hope this helps

Kris

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LauraW


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Thanks for that Kris, it is as I thought but you worded it much better.

Will keep this for future usesmile

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