If you've reconciled the VAT, then - unless you are on the cash accounting scheme, when it's the payment that matters - I don't think you can alter the transaction itself.
So your choices are to do as Michelle suggests above - which, personally, I wouldn't like to see done - or you can enter a credit on the erroneous account, and repost the invoice on the correct account.
Edit: Ugh, I wrote "you're choices" - somebody shoot me.
-- Edited by VinceH on Wednesday 5th of June 2013 06:37:02 PM
__________________
Vince M Hudd - Soft Rock Software
(I only came here looking for fellow apiarists...)
Can anyone help? On Sage Line 50 I did a VAT reconciliation then noticed I have posted an Invoice into the wrong supplier account so the VAT will be the same. The Invoice was a batch entry with some of the lines having different nominal codes.
Can I make changes to put the Invoice into the correct supplier account.
I think if the invoice that's been wrongly posted is going to paid off, not as part of a larger payment, but as a single payment that matches the invoice, there's no real reason to move it.
If its going to paid off in full on its own, you can go into corrections and put something into details that states its supposed to be X supplier...
If its part of a larger payment, paying off multiple invoices, you may prefer to credit note the wrong supplier and reissue the invoice to the correct supplier.
If you go into corrections and change the supplier name, it will automatically show as an in and an out on the next return anyway.
Either way, as long as the bank and the suppliers control account are in balance at the end of the errand, its no big deal how you do it. Its down to what makes you feel happy.
One of the problems with doing that is remembering it much later down the line.
I've actually seen similar done before when I've been called in to look at and try to sort out someone's messy accounts, and they hadn't a clue what they'd done or why - and it wasn't just on a single account: I think when someone starts taking shortcuts like that, they are likely to do so again.
You can end up in discussions with the supplier, when they are querying something about the account with you (or vice versa) and when you're talking them through what you have and haven't received (with that invoice and the payment, both for another supplier, being there and forgotten about) and it can end up being a key part of the discussion because it doesn't match their records, and that means it adds to the time involved in sorting things out with them.
And - especially if sales invoices are raised outwith the accounts software - if someone's in the habit, it can happen on the sales ledger as well.
Another good reason is, if you're me, you have your purchase ledger set up so you can email remittance advices directly to suppliers when you pay them - and remittance advices are something I feel quite strongly about! Not enough people send them, and it can be damned well annoying. If you leave the invoice on the wrong account, so the payment has to go on that account, then the remittance advice will go to the wrong supplier.
Plus - and this is probably the most important reason - I'm very fussy about such things. :)
__________________
Vince M Hudd - Soft Rock Software
(I only came here looking for fellow apiarists...)
Well, true... I think like an accountant, not a bookkeeper. I tend not to sweat the small stuff. Plus, I have a great memory for these things, and the changing of "details" would give that little extra reminder when I used "financials" to search the "amount paid" when trying to find it, in the event of query.
Jackie, take Vince's advice... post a credit note and reissue the invoice :)
As far as Im aware Providing you are not on 'cash accounting for VAT' you can easily amend the supplier account to another supplier account in - File- Maintenance-corrections-enter the ref no- and change supplier account code. This will not effect the VAT rec or nominal codes.
One of the problems with doing that is remembering it much later down the line.
I've actually seen similar done before when I've been called in to look at and try to sort out someone's messy accounts, and they hadn't a clue what they'd done or why - and it wasn't just on a single account: I think when someone starts taking shortcuts like that, they are likely to do so again.
You can end up in discussions with the supplier, when they are querying something about the account with you (or vice versa) and when you're talking them through what you have and haven't received (with that invoice and the payment, both for another supplier, being there and forgotten about) and it can end up being a key part of the discussion because it doesn't match their records, and that means it adds to the time involved in sorting things out with them.
And - especially if sales invoices are raised outwith the accounts software - if someone's in the habit, it can happen on the sales ledger as well.
Another good reason is, if you're me, you have your purchase ledger set up so you can email remittance advices directly to suppliers when you pay them - and remittance advices are something I feel quite strongly about! Not enough people send them, and it can be damned well annoying. If you leave the invoice on the wrong account, so the payment has to go on that account, then the remittance advice will go to the wrong supplier.
Plus - and this is probably the most important reason - I'm very fussy about such things. :)
I totally agree with you Vince. Having had to unravel & clean up so many messy accounts.
A clear correct audit trail is key, so anyone can follow the trail. In the long term it is more efficient, more cost effective both financially and in time.
Claire: A case of mea culpa here, then - because I've just checked and you're correct. What it actually does is change the reference on the transaction to "Cancel", posts a matching credit on the old account, and re-posts the invoice on the new account. The VAT is correctly accounted for because the automatically posted credit and invoice have the same VAT figures and codes, so on the next return they cancel each other out.
So, in essence, when you change the supplier account it's doing automatically as part of that process what I said to do manually.
__________________
Vince M Hudd - Soft Rock Software
(I only came here looking for fellow apiarists...)
