My client has two customer accounts on Sage that are basically connected. One is showing a balance of £11,000.00 but the other is showing a balance of approx -£11,000.00. How do I balance these so they are essentially both 0?
Hi Sammy
Set up a contra entry bank account the pay supplier in usual way and pay customer in usual way - both entries clear the o/s invoices and the contra account will be at nil.
Sorted!
__________________
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
What Jo says is right, but you said "two customers accounts" rather than a customer and supplier... T9 credit the positive, and T9 invoice the minus, if that's the case. Use dummy account to allocate and clear
What Jo says is right, but you said "two customers accounts" rather than a customer and supplier... T9 credit the positive, and T9 invoice the minus, if that's the case. Use dummy account to allocate and clear
Hi Fox
Sorry , I am new to sage . Do you mind if I ask what is dummy account? do you actually create an customer account on Sage? Please can you state the process on Sage ?
also what is Dummy invoice and credit note? Do I have to raise an actual invoice and credit note on Sage ?
Hi Grace
We often use a Dummy bank account, perhaps called 'adjustments Bank' to put through unusual entries such as this which then can be kept away from the main Bank account. So just merely open another Bank account and call it whatever suits.
Re the dummy invoices - again this is to enable a workaround in sage when the normal process doesnt fit a particular scenario - it can differ from one version of sage to another as some of the older versions dont always have the capabilities of the newer versions.
Probably best if you get any scenarios you think might be suitable you sling your question on here and we can answer it specifically for your scenario as each one is different. Or if you want to have a play around yourself always try on the practice data facility in sage. Or Backup your sage (assuming its not the cloudy rubbish); key your entries, check where they appear and restore the backup if it doesnt work.
My mantra - take regular backups and always before you key something you havent tried before!!!!!!!!!
__________________
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
