My annual accounts process is rightly blocked because I have not tagged a credit. Problem is I cannot determine who it was sent a cheque and I paid it into the bank over the counter. Barclays are trying to find out but its not looking hopeful. So what do I do with this unidentified payment ? at least to get the annual accounts process moving again
Tag it to suspense for now
You could also setup a client “Generic Sales” and post as an invoice to this client. I don’t think you’ll be able to post to suspense as by default any untagged bank entry is already on suspense. You could tag to any other nominal code though, just to hold it there until you can figure out where it originated from.
I have discovered who paid me but the amount is held in “Generic sales” account as a pre-payment and I want to pay off the original invoice. Its locked because of VAT but can I credit it somehow ?
If you view the payment (view the client, click View >> All Payments, and do an advanced search for Unallocated to show all prepayments), this will give you an option to refund it and prompt you for the bank account to record this against.
If it’s a straight credit and reallocate, you could use a holding account for this situation, refund the transaction to the holding account, and then have a money in transaction tagged to the invoice/client to rebalance it.
I hope that makes sense?
Infortunately I followed anothers advice and allocated it to a custom created ‘unknown’ account
Is ‘Unknown’ the name of the client? If so, it would still appear as a prepayment and follow a similar process as above.