Amending a Tagged Transaction

 

IT IS NOT POSSIBLE TO AMEND A TRANSACTION ONCE TAGGED.  INSTEAD YOU MUST POST AN OPPOSITE ENTRY TO THE ORIGINAL TRANSACTION TO EITHER CANCEL OR CORRECT THE ORIGINAL ENTRY.
 
FOR EXAMPLE, IF A PURCHASE INVOICE IS ENTERED TWICE IN ERROR AND THE VAT IS SUBSEQUENTLY INCLUDED IN THE VAT RETURN TWICE.  IN THE NEXT VAT PERIOD, A REVERSAL OF THE DUPLICATE PURCHASE ENTRY CAN BE MADE TO RETURN THE VAT ELEMENT BACK TO REVENUE AND TO CANCEL THE DUPLICATE PURCHASE ENTRY.
 
TO REVERSE THE SECOND INSTANCE OF THE PURCHASE INVOICE ENTRY:
 
                                                            
Reference                                      
 
This is the internal reference that will cross reference the original physical invoice received from the Supplier which has been double counted.
 
 

Date                                                                                                

 
Date of original purchase invoice.
 
 

Supplier                                                                 

Select the Supplier name from the list of Suppliers (F2) to which the original purchase related to that you are reversing.
 
 

Narrative

The Narrative field is an optional entry which may be used to give extra explanation or identify further the purpose of the reverse entry.

It would be advisable to use this field to reference the original batch entry purchase transaction that you are reversing.

 
 

Nominal Account                                      

 
Select the same original purchase / expense account to which the original purchase invoice was posted.
 
 

F5                                                                                       

The F5 function key will display a historical breakdown of the transactions on the Supplier account (N.B. excluding any transactions within the current live batch as such entries have not been posted).  This will help identify the original purchases / expense account to which the original purchase was posted which should be selected for this transaction entry.

 
 

Amount                                                                  

 
Enter the Gross amount (bottom line figure inclusive of VAT) as a MINUS figure.
 
 

VAT Rate 

The VAT rate is automatically linked to the appropriate purchase account used, e.g. is you choose "purchases at standard rate" then a VAT rate of 23% will automatically be linked to the purchase.  If you require a different VAT rate to be applied to the transaction entry then simply arrow through the VAT rates shown.

Simply stop on the appropriate VAT rate and this will apply to the transaction.

 
 

Post Entries

Select "Post Entries" to process the transactions once the batch is complete.
 
 

IN THE SUBSEQUENT VAT RETURN THE VAT ELEMENT WILL BE INCLUDED FOR RETURN TO REVENUE TO CANCEL THE PREVIOUS DOUBLE COUNTING AND OVERCLAIM.

THE SAME PRINCIPLES APPLY TO ALL REVERSE ENTRY, SIMPLY RETURN TO THE ORIGINAL TRANSACTION ENTRY SCREEN AND ENTER A CREDIT NOTE OR MINUS ENTRY.

Need help? Support is available at 01 8352074 or support@thesaurus.ie.

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