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Thread: Reversing a Credit note

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    Reversing a Credit note

    I made a HUGE mistake and posted a credit note (for a farely large amount) in the wrong period . I should have posted it to Aug2012 but instead posted it to Sep. Is there anyway of reversing or cancelling a credit note.

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    Platinum Member Neville Bailey's Avatar
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    What accounting software are you using?

    Assuming you are using Pastel, I would do the following:


    • Process a customer Debit Note in September, with the same details that you had on the Credit Note. This will effectively negate the Credit Note in September;
    • Process the Credit Note again in August.
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    New Member Who is John Galt?'s Avatar
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    There are several ways to correct this depending on the package you are using.

    Some packages allow you to post a negative credit note to set off the incorrect credit note. Other packages may have a function to raise a debit note which can be similarly used.

    Hope that this helps.

    John

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    Quote Originally Posted by Neville Bailey View Post
    What accounting software are you using?

    Assuming you are using Pastel, I would do the following:


    • Process a customer Debit Note in September, with the same details that you had on the Credit Note. This will effectively negate the Credit Note in September;
    • Process the Credit Note again in August.
    Thank you Neville
    I am using Pastel, I've just done as you suggested, when I go to "Match open items" should I match both to the Credit/ Debit note to the Invoice? and then generate the correct credit note (in August) and match this one to the invoice too.. (looks a bit messy )

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