Looking for advice, i've been out of book keeping for a few years and have just started in new job. Haven't dealt with recurring entries before and have noticed when doing bank rec that there is a recurring entry relating to August which has not been bank reconciled but has been VAT reconciled. Can anyone pull me out of a hole and tell me how to deal with this? I have racked my brains but no joy yet and would like it sorted sooner rather than later as year end is approaching.
Hi Marley, (one of our rabbits is named Marley...lol)
So you are saying that the recurring bank entry (Payment or receipt?) has not actually gone through the bank but has been VAT reconciled? What sort of recurring entry is it? Bank payment, bank receipt. or other? You need to do the opposite entry of whatever it was (not forgetting the VAT) in order to reverse it off. There will be two entries then on your next bank rec which will cancel each other out.
