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Post Info TOPIC: Write Off small underpayments/Overpayments
Julie Hall


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Write Off small underpayments/Overpayments
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Hi there,

Just would like some opinions on what sage code you would write off small under and overpayments relating to creditors and customers.  I have been tending to clear it off either by a credit or invoice to the original nominal code.  Obviously if it is a bad debt then it would go to that code, but I notice that in the sage wizard for writing off small overpayments and underpayments it goes to the bad debt code with tax code T9, I would have used the tax code that the original overpayment/underpayment related to.  Any advice would be greatly apprecaited.  Thanks

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Julie
Donna CBK


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Hi Julie, I have to say I am not keen on the write/off refunds wizard in sage and tend to agree with all you have said as above.
The wizard works very well as a write off bad debt and uses the T9 code as in line with HMRC guidelines. It is then left with a journal transfer for any adjustment for VAT.

However I do not agree that small write off or adjustments to account should also enter 8100 account. On a previous VAT inspection they did ask for details of Bad Debt account and I do not feel the entry of tiny adjustments looks very professional.

I do the same entry as yourself and adjust as a credit to the same nominal code as original invoice, thus reducing the sales or purchases.


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Donna Curling - Complete Book-Keeping Ltd (CBKLtd) - 07939 101900

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Julie Hall


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Posts: 120
Date:
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Hi thanks for that.  Much appreciated.

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Julie
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