I am busy going through reconciling, and i have noticed that there is an invoice which was not recorded in pastel or on the return by our previous accountant, it dates back quite a while (9months) how do i go about correcting this?
I am busy going through reconciling, and i have noticed that there is an invoice which was not recorded in pastel or on the return by our previous accountant, it dates back quite a while (9months) how do i go about correcting this?
Does the date (9 months ago) fall into the previous financial year of Pastel? If it does, assuming your year-end is 29 February 2012, have you run the year-end on Pastel yet?
If you have not yet run the year-end, then I would simply process the invoice in the relevant period. When you run your next VAT report from Pastel, you will notice that the net amount due (or receivable) for that VAT period will differ from the VAT Control Account in the balance sheet by the value of the VAT on that invoice. Simply increase the Output Tax amount by the VAT on that invoice, to bring the two totals back into line. The only problem with this approach is that the VAT correction on your next VAT return will be in the new financial year, which means that your VAT returns in last financial year are not quite correct.
If you have already run the year-end, then you have another problem - you cannot process documents in a prior year (only journals). The only way around this is to process a customer journal (in last year) to record the value of the invoice, but you won't be able to print out an actual invoice document.
Another option will be to process that invoice in the current period...
Neville Bailey - Sage Pastel Accounting Consultant
www.accountingsoftwaresupport.co.za
neville@accountingsoftwaresupport.co.za
IronTree Online Solutions
"Give every person more in use value than you take from them in cash value."
WALLACE WATTLES (1860-1911)
Christel (18-Apr-12)
I would issue a credit note with the same date as the invoice but not record it as with the invoice, so that all figures effectively become zero if verified by accountant, and reissue a new invoice with today's date.
Any other way may attract a penalty for late VAT payment, and will require a please explain why the audited VAT figures do not match the figures presented to SARS for the year in question. I would avoid this if possible.
Victor - Knowledge is a blessing or a curse, your current circumstances make you decide!
Solar pumping, Solar Geyser & Solar Security lighting solutions - www.microsolve.co.za
I would go for Justloadit's solution, particularly if it isn't a significant amount.
Participation is voluntary.
Alcocks Electrical Services | Alcocks Pest Control & Entomological Services | Alcocks Hygiene Services
other problem is - they had recorded the payment in pastel but not matched the payment to any invoice , i think this is because they couldnt see any invoice (and were too lazy to investigate) as the unmatched payment would of been of signalled the error of not recording the invoice in the first place. if i issue a credit note and then reissue a new invoice the timing of my receipt would be before the date of issue of the invoice....
So this could be argued as a deposit on work/supplies still to be done/supplied.
Happens in my business as a daily occurrence, the deposits I mean, I do not do any work with out payment up front.
Victor - Knowledge is a blessing or a curse, your current circumstances make you decide!
Solar pumping, Solar Geyser & Solar Security lighting solutions - www.microsolve.co.za
Participation is voluntary.
Alcocks Electrical Services | Alcocks Pest Control & Entomological Services | Alcocks Hygiene Services
Were not at all trying to avoid the tax or penalties - we want to get it all sorted so that we can be in good standing with SARS, but with that being said - I doubt SARS are going to miss our pennies
This seems like practical way to get it all sorted and resolved, its only one invoice the entire year, and im pretty sure it wasn't done intentionally
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