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.
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.
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.
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)
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
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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