I am doing the accounts for our business and have just started on Sage 50. We used to work on excel and anytime a customer paid slightly more or less, we let it go. However, when I am filling in customer receipts, how can i reconile with the bank if the amount is not matched?
For example, mr A got an invoice for £31.29 but paid £31.30 and mr B got an invoice for £31.30 but paid £31.29 (this is not their fault, the invoices were automatically generated and they way the VAT was rounded up meant some people got charged a penny different. However payment through our online shop only allowed customers to pay £31.29 so I have a few disrecpancies. I can sort this from now on - more decimal places!)
I am not going to chase up 1p, nor am I going to refund it. Should I:
a) put in the right amount on the customer receipt that got paid into the bank and then write off +/-1p
b) change the invoices to reflect exactly what went in the bank - not sure how easy this would be on sage..very easy in excel!!
c) something else?
I'm not altogether sure what reconciling through the bank is..as I said, I am new! Any help would be sooo much appreciated.
Record what was banked as a customer receipt and any differences either write off through the write off wizard or raise a dummy sales invoice for a 1p if overpaid.
