When you say "I actually posted the item against the 1240 credit card account" you're only giving us half the picture - where was the other side of that posting?
If you mean you posted a "bank" payment from the credit card account to a nominal code, your solution now is to post a receipt from the credit card code to the same nominal code, then post a supplier payment from that code to the relevant supplier to pay/clear the invoice. If you've done something else, you need to be more clear.
For future reference, though, the basic procedure for stuff paid with the company credit card is exactly the same as it is for stuff paid with the bank, except using the credit card account instead of the bank account:
* If the CC payment isn't paying something on the purchase ledger, post a bank payment from the CC account to the relevant nominal code.
* If the CC payment is paying something on the purchase ledger, post a supplier payment from the CC account to the relevant supplier code.
* If lunacy prevails and it's a cash withdrawl on the credit card, post it as a transfer from the CC account to the petty cash account (and the fee as a bank payment to the credit card charges nominal).
-- Edited by VinceH on Wednesday 9th of October 2013 09:54:50 AM
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Vince M Hudd - Soft Rock Software
(I only came here looking for fellow apiarists...)
I posted a supplier invoice onto sage which was paid for by the company credit card. I hadn't entered the item as "paid", but when the credit card statement arrived I actually posted the item against the 1240 credit card account. Once I paid the credit card bill using the current account, I did a bank transfer from the current account to the credit card account to clear it. I still have the o/s amount against the supplier record! I know that I should have posted this differently to clear the supplier payment and then do the bank transfer to clear the credit card amount.
How can I clear the o/s supplier balance without generating another transaction against the credit card account?
Yes, I posted as 5000 as a "bank payment" against the credit card account (1240) as well as creating the entry as a batch invoice against the supplier, so I have posted this twice?
I am sorry if my post was not clear!
Please excuse my ignorance, but do I rectify this by way of a journal?
I understand where I have gone wrong, but I do worry about making a pig's ear of rectifying the error.
That's what I thought you'd done - so, no, you don't correct it using a journal (you can't journal into a supplier account). The correct solution is to do what I suggested:
1) Post a receipt from the credit card to the same nominal code; this reverses the payment you've posted.
2) Post a supplier payment from the credit card to the supplier code to clear the invoice in the correct way.
This does create two new transactions on the credit card account, but it's providing you with a meaningful audit trail: The receipt can be detailed as reversing the payment that was posted in error, and the supplier account correctly shows an invoice and a corresponding payment.
The next alternative, which I personally don't like, is to post a credit note from the supplier code to 5000 to reverse the invoice.
Then you go down to even more horrid solutions like deleting the payment and posting it correctly as a supplier payment, or deleting the invoice.
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Vince M Hudd - Soft Rock Software
(I only came here looking for fellow apiarists...)
