Hi, I'm a novice on Sage, so really need help with a slight problem.
When entering the amount for a customers invoice I incorrectly put the total amount as £9,000, but it should have been £6,000. I did not realise this until a few months later when it came to reconciling the bank account. After which time the VAT return had already been done. I used tax code T1 as usual VAT was due on this.
The customer then had £3,000 outstanding, (but doesn't owe this to us as I did the incorrect amount) so I've done a credit note for the £3,000, under the customers account.
My question is do I now need to clear off the credit note and outstanding amount as in bank, pay in full? As the credit note has an asterisk and is showing as outstanding in their account.
Will it affect the next VAT return, I did the credit note as T9. Please help!
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Customer Credit Note Query
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brucedenney
- Site Admin
- Posts: 4664
- Joined: 28 Feb 2006, 09:56
- Sage Version: v30 UK/Europe/Africa
What version are you on?
Have you entered the invoice incorrectly as £9000 or is it the customer receipt that you have entered incorrectly for £9000 or both?
If it was the receipt then the customer account balance should be MINUS £3000 (owed back to the customer not outstanding from the customer) If you then raised a credit note then this should increase to MINUS £6000.
If it was the invoice then the bank would be correct, as £6000 was received and there would be £3000 outstanding on the customer account.
If you did both, then there would be nothing outstanding on the customer account and the Bank would be £3000 out.
Have you entered the invoice incorrectly as £9000 or is it the customer receipt that you have entered incorrectly for £9000 or both?
If it was the receipt then the customer account balance should be MINUS £3000 (owed back to the customer not outstanding from the customer) If you then raised a credit note then this should increase to MINUS £6000.
If it was the invoice then the bank would be correct, as £6000 was received and there would be £3000 outstanding on the customer account.
If you did both, then there would be nothing outstanding on the customer account and the Bank would be £3000 out.
For just about anything Sage :- Discount subscriptions, pay-as-you-go support, application integration, reports, layouts, linked excel spreadsheets, analysis or any other help making life with sage easier/less time consuming Contact me.
Version
Thanks for your reply. I think its V.11. the latest one available.
When I did the invoice I put the incorrect amount it should have been £6,000 and the customer paid by cheque of £6,000.
So the bank is correct, but there was £3,000 outstanding on the customers account, so I've done the credit note, but just want to know if it's ok to go in and do "pay in full" in bank to clear the outstanding items or will this affect reconciling and VAT?
Like I said I've only been using Sage for a few months so not that hot on it.
When I did the invoice I put the incorrect amount it should have been £6,000 and the customer paid by cheque of £6,000.
So the bank is correct, but there was £3,000 outstanding on the customers account, so I've done the credit note, but just want to know if it's ok to go in and do "pay in full" in bank to clear the outstanding items or will this affect reconciling and VAT?
Like I said I've only been using Sage for a few months so not that hot on it.
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brucedenney
- Site Admin
- Posts: 4664
- Joined: 28 Feb 2006, 09:56
- Sage Version: v30 UK/Europe/Africa
The latest release is V2009 (V15), V11 is going end of life this year.
You can get the version number by going to help and about
If you entered and invoice for £6000 on the customer account and a receipt of £6000 then there can not be £3000 outstanding.
Look at the account history on the customer account and see what you have done.
You can get the version number by going to help and about
If you entered and invoice for £6000 on the customer account and a receipt of £6000 then there can not be £3000 outstanding.
Look at the account history on the customer account and see what you have done.
For just about anything Sage :- Discount subscriptions, pay-as-you-go support, application integration, reports, layouts, linked excel spreadsheets, analysis or any other help making life with sage easier/less time consuming Contact me.
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