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Hi, I wander if anyone can help me with a query I have, my client accounts are done on Sage so it is all pretty straightforward, however some purchase invoices have been posted against the supplier account, however the monthly payments have been posted as bank payments. The invoice and the monthly payments have all gone to the same nominal code (the correct code), however as the payments have gone through as bank payments the invoices are still showing as outstanding on the supplier account. Would anyone be able to advise me of the best way to sort this out?
I know if probably quite a simple question but I can't seem to be able to get my head around it!
If anyone can offer any advice I would be very grateful.
Many thanks 
Kind regards
Fiona
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- Member PM.Dip
- Practice Licence
- 18 posts
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Fisaid:
“Hi, I wander if anyone can help me with a query I have, my client accounts are done on Sage so it is all pretty straightforward, however some purchase invoices have been posted against the supplier account, however the monthly payments have been posted as bank payments. The invoice and the monthly payments have all gone to the same nominal code (the correct code), however as the payments have gone through as bank payments the invoices are still showing as outstanding on the supplier account. Would anyone be able to advise me of the best way to sort this out?
I know if probably quite a simple question but I can't seem to be able to get my head around it!
If anyone can offer any advice I would be very grateful.
Many thanks
Kind regards
Fiona”
I would delete bank payments and pay through supplier payments as if you need to back track it is easier to look at the individual supplier accounts than through lots of bank payments.
Hope this helps
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LisaBsaid:
“Fisaid:
“Hi, I wander if anyone can help me with a query I have, my client accounts are done on Sage so it is all pretty straightforward, however some purchase invoices have been posted against the supplier account, however the monthly payments have been posted as bank payments. The invoice and the monthly payments have all gone to the same nominal code (the correct code), however as the payments have gone through as bank payments the invoices are still showing as outstanding on the supplier account. Would anyone be able to advise me of the best way to sort this out?
I know if probably quite a simple question but I can't seem to be able to get my head around it!
If anyone can offer any advice I would be very grateful.
Many thanks
Kind regards
Fiona”
I would delete bank payments and pay through supplier payments as if you need to back track it is easier to look at the individual supplier accounts than through lots of bank payments.
Hope this helps
”
Hi Lisa
Thank you for your reply, yes that sounds like the best way, sometimes I find that I try and over complicate things, you are right it is better to get everything (payments and invoices) onto the supplier account together then everything balances off correctly too (its a lot more tidy) and it will also help if there are any queries in the future.
Thank you for helping me to see it clearly
Kind regards, Fiona
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Hi Fi,
How about allocating payments entries against supplier invoices?
I would try suggestion above before deleting?
Let us know the outcome if you don't mind.
Kind Regards,
xxx
Edited at 14 Feb 2012 11:34 PM GMT
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- Member
- Practice Licence
- 77 posts
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Would you not reverse by journal the original wrong entries, then repost the correct entries?
Kind Regards
Paula
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Fiona
You didnt say whether you had already reconcilied the entries in the bank section of Sage.
If you have not I would tend to delete the bank payment entries and re-input them correctly as supplier payments.
If however you have reconcilied them in whole or part you are going to have to correct them by way of contra receipts etc or you will have problems with the reconciliation coming forward.
Hope this of help.
Adrian
adrian.jones@tfmcentre.co.uk
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Adriansaid:
“Fiona
You didnt say whether you had already reconcilied the entries in the bank section of Sage.
If you have not I would tend to delete the bank payment entries and re-input them correctly as supplier payments.
If however you have reconcilied them in whole or part you are going to have to correct them by way of contra receipts etc or you will have problems with the reconciliation coming forward.
Hope this of help.
Adrian
adrian.jones@tfmcentre.co.uk”
Hi Adrian,
Many thanks for your reply to my post, I'm sorry this is the first chance I've had to reply to your helpful suggestions. I have reconciled all of the bank payments. Do you think it would be better for me to post a contra against them to match them off then repost them as payments against the supplier invoices?
I look forward to hearing from you.
Many thanks,
Fiona
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nckbookssaid:
“Hi Fi,
How about allocating payments entries against supplier invoices?
I would try suggestion above before deleting?
Let us know the outcome if you don't mind.
Kind Regards,
xxx
Edited at 14 Feb 2012 11:34 PM GMT”
Hi there,
Many thanks for your reply to my post, I'm sorry I've not had chance to reply to you before now.
I can't allocate the payment entries against the supplier invoices as the payments have gone through as bank payments and are not showing on the supplier account as although they have gone through on the same nominal code they haven't actually been allocated against the invoices on the supplier account.
I think what I may have to do is post a contra against the payments and then repost the payments against the supplier invoices so it will clear the outstanding invoices.
I'll keep you updated though.
Many thanks for your help.
Kind regards, Fiona
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Hi Fi,
One way to rectify this would be;
-create a credit note on the supplier account, changing the nominal code to the suspense account (9998 - in sage, I think that's the code) this will enable you to allocate the credit note against the invoice, andwill create a CR balance on the suspense account.
-Then create a journal - DR suspense account CR Purchases (or whichever nominal the payment has gone to)
Kind regards
Kerry
Edit: I did fail to mention that the VAT element would be Out side the scope (T9) on the credit note.
Edited at 18 Feb 2012 12:14 AM GMT
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- Companion Fellow PM.Dip
- Practice Licence
- 1137 posts
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Hi Fiona
If you are running creditors ledger , then you should delete the bank payments . There is no need for Journals or contra entries or credit notes as this would be inaccurate and if I was the accountant I would not be happy that the supplier activity did not match the creditors statement . It would also cause problems with the audit trail for Vat.
It makes no difference if the bank rec is done as this can be fixed , if you follow the below your audit trail will be correct and your vat return will also be corrected automatically .
1) Go to your bank reconciliation screen and take down your last reconciled Balance .
2) Take down the transaction no's and the amounts for all your bank payments that should have been suppliers purchase payments.
3 ) Go to the sage maintenance screen and delete the bank payments , you will get at least one message saying this item has been bank reconciled and maybe also Vat reconciled , STILL SAY YES TO DELETING THE ITEM .
4) Now go and enter your purchaes payments and allocate them with the correct date and Payment .
TO FIX BANK RECONCILATION DO THE FOLLOWING
1) Click reconcile on the relevant bank account.
2) Fill in statement Reference EG (Purchase Payment Adjus 10-02-12 ) the last date of the last purchase payment and also fill the statement Date box as the date of the last purchase payment.
3) Fill in Ending Blance box the balance it was that you took down at the beginning . You will now see in the bottom line of your bank rec screen
matched balance - statement Balance = Difference
This difference will be the total amount of the bank payments you deleted. You now go and highlight and match the correct Purchase payments, these will add up to, provided you have entered them correctly to the exact amount you deleted for the bank payments . One the difference box says 0 difference you are can press the reconcil button and the PDF statement will be saved for all to view. Please note if you use cash accounting for Vat and the vat return has already been done you may see a reversal , you would also highlight and match which is quite simple .
The result of this is you now have a perfect audit trail with no contras , or journals , or credit notes . The Bank will have the correct reconciled balance to move forward . The accountant , the bookkeeper and your client can all view the PDF statement in the view history box showing this correction.
The main thing is the audit trail will be correct for the supplier activity , bank account and vat return
Edited at 17 Feb 2012 11:59 PM GMT
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