Bank feeds

Question

if i change a bank feed from spend money to pay bill, the original journal entry remains to the associated expense account, eg COGS, rather than changing to reflect trade creditors, liability account.  Why is this?  How do I fix the journal entries so they match the bank feed adjustment?

Earl_HD · Answer

Hi @rquad3,

Thanks for confirming and I'm sorry to hear that. Please ensure that, for all future supplier purchases, payments are processed through the Purchases module and not via Spend Money.

Regarding the two open bills that have been paid through Spend Money, here is a step-by-step approach:

1. Confirm that the 'Transactions can't be changed; they must be Reversed' option is selected in the Preferences window (Setup > Preferences > Security        tab).

2. Access Purchases Register > Open Bills > Locate one of the bills and right-click > Choose "Reverse Purchase."

3. After recording the reversal, go to the Returns & Debits tab where you should find a debit note for the same amount.

4. Click on the debit note > Select "Apply to Purchase" > Apply it to the original bill. This action should close off that bill.

5. Repeat the same process for the other bill.

By following these steps, you can effectively cancel the original bills and mark them as closed. Please note that if the original bills were recorded in a previous financial year, the reversals will need to be recorded in the current financial year, which may impact your financial year reports.

If you have any questions or need further assistance, please don't hesitate to reach out. We are here to help.

Warm Regards,
Earl

rquad3 · Answer

Hi Earl,

I am unable to open the link provided despite being logged in online.  Are you able to send the article someother way?

Error message received when I click on the link...

You don't have access to this resource.

It's likely that the page you're trying to access has been archived or that it's part of a private board. We apologise for the inconvience. Use our search page to find your topic or start a new topic.

Earl_HD · Answer

Hi @rquad3,

Thank you so much for your detailed post and my apologies for the late response.

What I would recommend is to visit this help article that will give you more information about: Purchases paid as Spend Money not Pay Bill

Feel free to post again, we're happy to help!
Regards,
Earl