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Post Info TOPIC: Sage: Move Payment on Account to Supplier to Loan account N/C


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Sage: Move Payment on Account to Supplier to Loan account N/C
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Hi to all the guru's out there....

I posted and bank reconciled a Payment on Account to a supplier in November but I should have posted it as a payment to the Director's Loan account.

How do I go about sorting it as I can't delete the transaction as it's been reconciled with the bank???

confuse

Thanks in advance for your help

Karina



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Assuming that you can't just delete the supplier payment, re-enter it, and then bank reconcile the amended payment, you could post a dummy (T9) invoice to the supplier account, taking the other side to the director's loan account. 



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Pearce & Co - Chartered Accountant and Chartered Tax Adviser 

www.pearceandcoaccountants.co.uk

These comments are outline only and are not a substitute for specific professional advice.



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That might not be the best method - and there is potentially missing information, so it's certainly not the advice I'd give.

My suggestion would be to post a supplier refund to reverse the original, incorrect transaction, then post the payment as it should have been posted in the first place. You then have a matching unreconciled payment and receipt on the bank account which you can flag as reconciled at the same time when you next reconcile the bank.

The key piece of information missing is the VAT situation: If the company is VAT registered and the VAT is dealt with on a cash basis, posting a T9 invoice from the supplier to the DLA is 'problematic' - the refund approach deals with that in a safe, clean way.


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Vince M Hudd - Soft Rock Software

(I only came here looking for fellow apiarists...)



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Hello gents - that's great. Thanks for the responses - sorry I was late replying but I've been away for a few days. There is no VAT involved but I'll go with Vince's option just in case :)

Karina

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Update... I wasn't able to do a supplier refund as it was a payment on account not an invoice. In the end I posted an invoice with the Loan NC to the supplier account and contra'd them off against each other through the bank and all looks clean. It's not showing up a an unreconciled value on the Bank even though 'invoice' is showing up as unreconciled. Hopefully that will have sorted it?!!

thanks again

Karina


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