Tagged a Bank Transaction to Numinal instead of Supplier

Hi.

I have tagged a bank transaction to a nominal account instead of a supplier account.

I now have an unpaid invoice for the supplier, it was in my last accounting period, and I am unable to undo it.

Any suggestions ?

Thanks

John

Hello John

it was in my last accounting period

Are you referring to the last vat submitted vat quarter or your last completed year end?

Normally you could just post a reversing bank transaction, then pay the supplier invoice

Hi Steve

It is my year end

Regards

John

How do I do a reversing bank transaction, use a dummy bank account ?

You’re going to create two opposite transactions of the same value so you could use any account, but if you want your QuickFile view of your current account to exactly match your bank’s view then you probably want to use another account like directors loan or drawings. You’d create one money in transaction tagged to the nominal (via something not on the list), then a money out tagged as payment to the supplier.

Your last year end accounts will show the “expense” doubled (or times one-and-five-sixths if it’s 20% VAT), with one gross amount sitting hidden in the year end creditors control balance, this year will show the extra expense cancelled out and the balance offset against the same control account. If you wanted to actually correct last year’s accounts (assuming your returns haven’t been submitted) then you’d have to delete the year end journal and change the lock date, fix things on the original dates, then run the year end process again.

Thanks, I think I’ll go back and do it the correct way.

Do I delete the year-end journal and then change the account lock date to 31/03/2024 which was the previous tear end date?

J

That’s right (I assume you meant “change the account lock date to31/03/2023”)

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