Hi, I've made a bit of a mistake and am not sure of the best way to go about correcting it.
There was a supplier payment that I thought was a wages payment so I've posted it as a wages payment BP to 2220 net wages. What is the best way to correct this please? without deleting it (I've already reconcilled the bank and this transaction was a few months back).
How about using an 'adjustment bank' (just set one up on your Bank screen or re-name an unused one if you havent got one already) - key the supplier payment from there in the usual way and clear the resultant overdraft by a 'receipt' using your net wages nominal code. Keep a note in any working papers if you feel the need.
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Just post a bank receipt against 2220 to cancel out the original erroneous posting, and post a new payment correctly (i.e. against the supplier).
This won't affect your completed bank reconciliation - everything will be reconciled as it was before. When you next do a bank reconciliation, you will see the newly posted receipt and [supplier] payment; they won't appear on your bank statement per se (the payment did, but it's been reconciled against the erroneous transaction) - just mark them both as reconciled as if they were contra entries.
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Vince M Hudd - Soft Rock Software
(I only came here looking for fellow apiarists...)
