Hi, I posted a Cash Book payment to a supplier as R7000 instead of R4000. How can I rectify it with a journal. Can anyone help please.
Hi, I posted a Cash Book payment to a supplier as R7000 instead of R4000. How can I rectify it with a journal. Can anyone help please.
Hi Jurgens - you can correct it via your Cash Book.
First do a back-up so that you can always restore to your present situation if you make an error.
Now make an identical posting to the supplier (same date, same supplier, same reference etc - for Description you can enter "Reversal of Incorrect Payment") but instead of entering R7000.00 enter it as (minus) - 7000.00
This will reverse the error.
Now redo the entry, but this time with the correct amount.
No act of kindness, no matter how small, is ever wasted. - Aesop "The Lion and the Mouse"
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