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Post Info TOPIC: Writing off a dead balance on supplier account
Josie-Angel


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Writing off a dead balance on supplier account
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HELP ! Newbie ! Please can someone advise me how I can "write off " a dead balance on sage line 50 for a supplier account. What entries need to be done to clear It off?. Thank you, ! confuse

-- Edited by Josie-Angel on Wednesday 22nd of May 2013 12:28:15 PM

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FoxAccountancyServices


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You create a credit note for the balance, posting it to the same account that the invoice was posted to. In details, type "write off old balance"

:)

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Josie-Angel


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Thanks for advice, but as there are so many old POA's it is not clear which invoice is was linked to ! Does this make a difference?

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FoxAccountancyServices


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If you want the balance to be NIL, you just do an invoice, with todays date, for the balance on the account, and then you run a supplier payment, and pay everything in full.  This should then bring the supplier payment to NIL - this clears everything, and yet doesnt affect your bank account.



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Josie-Angel


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Thank you. I will do this .

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Stardoe


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Hi there,

Just an addition....be careful if you are on cash accounting for VAT as Sage will not let you match off the Invoice against any payments on account if the tax codes do not match.

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Pauline
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