I have posted an Invoice twice onto a suppliers account, I now have a new Invoice for the same supplier. Can I just edit the mis posted Invoice with the new Invoice details ? or would I need to deleted the misposted Invoice and enter the new one ???
To be fair, I have (possibly wrongly) assumed the OP is using Sage, so I have avoided advising for editing, as it deletes the original transaction, and adds a new one. If this original item was in a VAT quarter that had already been reconciled, it would mess about with the output figures. A credit note will correctly reduce inputs in the new quarter, being a brought forward unreconciled transaction. A deletion would result in an output increase, as well as picking up the input VAT on the new figures. Just yesterday I inadvertently did this, and had to manually adjust the return, to avoid issues at the year end, when I would be seeking to balance the VAT declared to the net sales in the accounts. Correction adjustments like this can cause time and thus fees, that can be avoided, if its just posted in a different way.
I don't like to advise manual adjustments, if I can see a way round them. Having dealt with many issues over the years, that bookkeepers have unknowingly created by editing a deleting, I am on a mission to steer people away from it :)
Obviously what Michelle says is absolutely correct, but I would just edit it anyway!
Yaaay your back, hiya Rob :)
Personally I would credit the supplier account and put the fresh invoice on, but I think unless as pointed out there is going to be a problem with vat then it just comes down to personal choice.
Hi Steve...thanks for the fanfare!
I think my answer may have been hasty as Michelle points out there could be certain unwelcome ramifications from a simple edit and best practise would be to credit and then invoice. But I would probably edit out of sheer laziness!
