Help
I hope i can explain this in a way you can understand me this is my first year of doing this and i am self taught so don’t really know what i am doing
I think i have done things in the wrong order
In my last three months October November and December i seem to have done something wrong in the tagging of 3 payments from Bank Account Knowledge Associates Cambridge and Barclaycard Commercial
4th October £180.53
3rd November £173.26
5th December £171.27
it could be as i submitted the VAT for Oct-Dec and this has locked my payments
The three payments i am talking about are sitting on supplier account and on my Bank feed (Knowledge Associates Cambridge) it says
"This payment was made to Barclaycard Commercial and has not yet been allocated to any Invoice and remains unallocated
I had trouble tagging them on the Barclaycard Commercial account but i see some information of refunding back from supplier account to Bank account which i did and then i could tag on Barclaycard Commercial Account , this then doubled up on my Knowledge Associates Cambridge Account feed .
I then deleted these refunds from Knowledge Associates Cambridge and the Barclaycard Commercial Account seems ok now but my year end total as of 31st December on the Knowledge Associates Account bank feed is wrong by the amount of these three payments £525.06
Please go into my account if you can if you can’t understand what i am trying to say and have a look for me if you can
my year end is 31st December and i am trying to get these figures all correct before handing over to our accountant
I think I understand the problem you describe, let me try to summarise:
Some payments were paid to a supplier account (not tagged to an invoice).
VAT return was submitted locking down those payments.
Later you realised that these payments were linked to the wrong supplier and are now trying to reallocate.
Assuming this is the case and without rolling back the VAT return, I would as you say refund these payments on the supplier account, however I would refund them to petty cash (keep them off your main account), once refunded add 3 equal corresponding payments to the same petty cash account, thus balancing back to zero. Now tag those 3 extra payments to the correct supplier account.
You can use petty cash as a way to handle adjustments like this, you could also perform these adjustments on your main bank account and it still should balance fine but it’s better to keep your statement here a true representation of your actual bank statement.
Hi thank you for your reply can i just add a bit more
My main Account Knowledge Associates Cambridge is all showing as tagged now but the balance is wrong by these three payments , these three payments were payments to Barclaycard commercial monthly payment off cr card .
Barclaycard commercial is all tagged and these three payments are saying the payment came transfer from Knowledge Associates Cambridge
So both accounts are showing tagged
But i am left with the balance on Knowledge associates wrong by these three payments as it is sitting on supplier account as well ??? i don’t understand why that it
So shall i do as you say and refund it to petty cash ? will this take this off of my Knowledge Associates total then ?
It sounds as if the payments have been duplicated if the exact difference is the total of those 3 payments.
There’s 2 ways you could try and resolve this.
Reconcile the account using the ‘reconcile tool’ (under ‘More Options’ on your bank statement page). Using date ranges similar to the payments you mentioned, you should hopefully narrow it down to find the error.
It may be as simple as those exact payments being duplicated. You could just try and advanced search for those values, which would return any duplicates. If the duplicate payment isn’t locked, then you may be able to delete those. Depending on how they’re tagged, we may be able to suggest a way to correct this.
I took a quick look at your account, basically all you need to do is refund the prepayments back to that same bank account, with each of the 3 refunds matching the dates the original payments were made. This will correct the bank balance by £525.06 and reverse the funds on the supplier account.
I see you already have other matching entries there tagged as transfers to the card account so that’s all that you need to do.
