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Reconciled Payment on Account with incorrect tax code

Bookkeeping and Management Accounting help does not have to be specific to the use of Sage 50
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ljay2015
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Reconciled Payment on Account with incorrect tax code

Post by ljay2015 » 29 Jan 2015, 11:03

Hi,

A couple months back I made a payment on account to a supplier thinking that the person who makes the payments had paid an invoice twice. It turns out there were two invoices but we hadn’t received the second. The second invoice was later sent through and I planned to match up the payment on account to the second invoice. This would have been ok had I not used tax code T1(20) for the payment on account when all invoices from this supplier are actually T9(0.00).

So basically I now have a reconciled payment on account that I can’t match up to an invoice because they have 2 separate tax codes. And I can’t change the tax code for the payment on account because it has been reconciled. Also, it gives me the “mismatch in net/tax element” message when I try to do so if that helps.

Any ideas for how I could sort this out would be massively appreciated.

The version of Sage I am running is Sage 50 Accounts (V20) – 20.04.09.364.

I am using Windows 7 and it is 64 bit.


Thanks in advance.

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brucedenney
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Sage Version: v28 UK/Europe/Africa

Re: Reconciled Payment on Account with incorrect tax code

Post by brucedenney » 29 Jan 2015, 12:24

When you are on Cash accounting this sort of thing is fairly common.

The Way I would deal with it is to refund the payment on account to the supplier and then make the payment again.
I wouldn't want it all appearing in my bank rec, so I would do it through the petty cash account.
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