I've accidently posted an insurance transcation to a supplier with the T code T1 hence with VAT by accident. I'm trying to delete the transaction but it wont let me!! (it says balance cannot be dleted - poss reasons - 1.balance remaining on a/c 2.transc ass with a/c.
Sounds as though you're trying to delete the account rather than the transaction. Go to File-maintenance-corrections and you should be able to edit the transaction, selecting the correct tax code.
Of course, this depends on your version of software.
Please be careful when deleting or amending transactions. If the transaction is in a previous year, and you have run a year end, find a different way to fix it, using a current year date. If the transaction relates to a VAT period that has been reconciled, again find a different way to correct, as deletions can start messing up the VAT figures. A deleted expense can add to output tax, that sort of thing. Use invoices and credit notes to fix a supplier or customer. Use bank payments and receipts through a dummy bank accounts... it all depends on what you are trying to fix.
I am sure its not the case for this transaction, but its worth mentioning
I guess it would only be the same if you deleted a line in excel from a previous VAT quarter, which meant the figures then didn't match what was filed?
Sage actually helps in this case, because it makes an adjustment for the deleted transaction, at least - but it adjusts things in a weird way and then more time has to be spent at the year end when you are trying to reconcile net sales on the returns, to the accounts figure. If you delete previous year transactions, it creates a prior year adjustment on the balance sheet and puts a balance forward on the P&L code that was affected. But it still leads you to spending time looking at it all, which can be avoided if you correct transactions using my ideas above, rather than using delete/amend.
