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I need help!! Anyone out there have a lifejacket?
Thu 03 May 2012 08:55 PM
Brettling

Brettling

Member CB.Dip
Practice Licence


2 posts 		Hello. I'm new to the forum although I've been a MICB for a few years. I am in fact rather inexperienced in the profession and have come across something which has me beat. My client had been a sole-trader for 3 years or so and has recently become a Ltd, and as such his sole tradership needs winding up.
One of his suppliers had not been delivering invoices by a reliable method and as such they were never entered on his Sage Instant Accounts. This is an account which involves direct debits and now we find that payments had not been correctly linked to their invoices  and now I'm trying to get this account to reconcile - which I can't get it to do. I've created an invoice and payments which I'd hoped would resolve the situation but it is not getting any simpler. If anyone can give me some guidance it would be greatly appreciated. Cheers. 		 
 
 
Thu 03 May 2012 09:47 PM
Paula2202

Paula2202

Associate CB.Cert
Practice Licence


74 posts 		Are you looking to go back to match their allocations with your client allocations?
I used to work in credit control and often came across historical messy accounts that had been mis allocated.
You would need to obtain historical information from the supplier to see which direct debit payments had been allocated to which invoice.  Compare with your client allocations and reverse incorrect entries and reallocate.

I dont think the supplier can rightfully take direct debit payments without a valid invoice send in advance of the direct debit request.

Can you ask the supplier for a statement which shows paid and open invoices, and compare your clients system to the statement?

Kind Regards
Paula 		 
 
 
Thu 03 May 2012 11:26 PM
Claire10353
Member CB.Dip PM.Dip
Practice Licence


16 posts 		I would suggest that you ask the supplier to send you details of which of their invoices each DD payment covered.
Then you could compare those invoices listed to your sage account to see if you have them all and obtain copies if not.
Hopefully that will resolve matters.

Good luck.

Claire 		 
 
 
Fri 04 May 2012 07:27 PM
Brettling

Brettling

Member CB.Dip
Practice Licence


2 posts 		Thanks for your replies Claire and Paula. We now have the historical information we need about which payments should be allocated to their corresponding invoices, but, perhaps here is an indication of my inexperience - these omissions relate largely to previous financial accounting years. Can I go back and access/change postings from these years where the books have been closed, financial reports produced and bank recs done (Sage Instant Accounts)?
Again thanks for your assistance and your replies so far.
Cheers
Brettling  		 
 
 
Fri 04 May 2012 08:26 PM
Stardoe

Stardoe

Associate CB.Cert PM.Dip
Practice Licence


165 posts 		Hi there,


If these are transactions relating to previous financial years that have been closed then no you shouldn't go back and change things (in my opinion). 


If you just want to clear up the supplier account I would create either a dummy invoice or credit note (depending on whether the balance is debit or credit) with T9 tax code.  If the amount is not too large you could write it off against purchases or bad debts. Might be best to seek some advice on this.  Are you doing their year end accounts or do they have an accountant?


Pauline


Sorry about duplicate post!  Found it very hard to type anything on here tonight...cursor was jumping about all over the place...don't know if it was my pc or the site!   

 

Edited at 04 May 2012 08:29 PM GMT 		 
 
 
Fri 04 May 2012 08:26 PM
Stardoe

Stardoe

Associate CB.Cert PM.Dip
Practice Licence


165 posts 		-------

Edited at 04 May 2012 08:32 PM GMT 		 
 
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