Payables Rec Out of Balance

Question

Hi,&nbsp;My payables rec is out of balance.&nbsp; I have found the issue.&nbsp;&nbsp;A payment was made on the 22/06/2021 to a supplier in error.&nbsp; This payment was then allocated to other open purchases for this supplier.&nbsp; However they were dated 28/06/2021 &amp; 01/07/2021.&nbsp; What would be the correct way to rectify this issue? Our bank accounts have been reconciled for that period and I am worried that if I change the transactions that will cause an issue for me and our accountant.&nbsp;Thank you

lrbooks61 · Answer

The best way to correct this is to change the dates on the invoices to prior to or the same date as the payment date. 21/6 or 22/6)

Only concern would be the 1/7/21 invoice which changes your balance sheet if the dates change.

If the payment was applied in June against both invoices there isnt a BAS issue but it would be worth flagging with your accountant. Might not be an issue especially if he hasn't completed last years tax

Hope this is helpful

Lisa

Forum Discussion

Payables Rec Out of Balance

1 Reply

Looking for something else?

Related content

Payables out of balance

Payables Reconciliation out of balance

Payable Reconciliation out of balance

payables reconciliation vs payables rec with tax out of balance

Superannuation payable incorrect

bank rec

Bank Balance incorrect in Bank Rec

Superannuation Payable incorrect in Dashboard