We have just discovered that in the ast month of our last financial year end we tagged a payment from one client to an invoice of an unconnected client. While we can untag the transaction the funds remain credited to the wrong client awaiting allocation. The Bank statement shows the funds tagged as unallocated but held in wrong clients name.
How can I move the funds to the correct clients account.
If you can, just untag the original bank transaction and re-tag it to the correct client. If it won’t let you untag then the simplest thing to do is to find the unallocated payment and “refund balance” to a spare bank account (e.g. drawings/director loan) on the same date as the original mis-tagged transaction, then go to the correct client and add a new prepayment on the same date for the same amount to the same spare bank account.
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