I have a customer who runs two businesses and is setup in Sage as two customers (A & B for simplicity) for invoicing purposes. Last April he overpaid us £45.00 on one of the accounts (A) and asked for this to be left as a payment on his account for future use.
He would now like to use the £45.00 allocated to account A to pay part his invoice for account B. I have tried to reallocate the £45.00 to account B however because it was in the last financial year I'm getting a warning message and have been advised to look at article 'How to handle adjustments for prior year'.
Sage will let me make the adjustment via Maintenance - Corrections however I've not gone ahead and just wanted to check what impact this would have if I do.
Don't know if this would be the best way, and I would be tempted to wait for other replies, but you could credit 'B' by £45.00 and Invoice 'A' by £45.00, state what the reason is in your details, reference as usual, and make a note for your accountant for year end.
The warning is given no matter the nature of the transaction - but in this case, moving it between customer accounts won't affect the the total sales ledger debtor at the year end; it'll just change the breakdown. However, it's arguably better to not get into the potentially bad habit of altering transactions in the previous financial year.
So, to change it in this year (and for the sake of creating an 'audit trail'), you could post a 'refund' of £45 on Account A, and then a customer receipt of £45 on Account B - dating them both as the first day of the year. It'll leave you with a payment and receipt on your bank reconciliation for that amount, which you can match against one another. Some people set up a separate bank account within Sage for such things, but personally I don't bother.
To post a refund to a sales account, go to the sales ledger module, and in the left hand panel, you should see it as an option.
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Vince M Hudd - Soft Rock Software
(I only came here looking for fellow apiarists...)
