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November 2021
November 2021
The following transactions appear when passing credits / reversing invoices:
Sales and Receivables journal:
Dr Sales $100
Dr GST collected $10
Cr Trade Debtors $110
No problem with that - perfect logical sense.
BUT
a second entry with a different reference also appears on the Sales and Receivables Journal:
Dr Trade Debtors $110
Cr Trade Debtors $110
Why the second entry which to me is superflous. I am advised by my asistant that she is not processing the second entry- it appears automatically. Is there something we are missing?
Solved! Go to Solution.
November 2021
November 2021
Hi @Ianinfinance , that entry is created when a credit is settled against an invoice.
Regards, Mike (mike@datawise.co.nz)
DataWise Limited (www.datawise.co.nz), developers of:
DataWise ProActive - Custom Reporting from MYOB programs
(MYOB Business, including AccountRight Live, AccountRight v19.x and exo Payroll)
Bulk download of attachments (more details...)
November 2021
November 2021
Hi Mike
I see that. What I want to know is why. Why debit and credit Accounts Receivable/ Debtors with the same amount? Having been a CA for close on 40 years, It does not make accounting sense. Please explain the DR and CR of the asame amount.
November 2021
November 2021
Hi @Ianinfinance , every accountable transaction in AccountRight creates a journal entry behind the scenes, so settling Credits in Sales, and settling Debits in Purchases, both create this journal. Apart from being a good audit trail, one good reason for having a journal is so that a transaction chain can be undone, for example an invoice partly credited and paid will involve 4 journals:
- invoice
- payment
- credit
- settle credit
This chain can be undone if necessary by deleting from the most recent transaction as far back as necessary. This allows the transactions to be re-recorded correctly (if required).
The display of history for any credit will therefore show the invoice which it was settled against, also useful to know/find.
Regards, Mike (mike@datawise.co.nz)
DataWise Limited (www.datawise.co.nz), developers of:
DataWise ProActive - Custom Reporting from MYOB programs
(MYOB Business, including AccountRight Live, AccountRight v19.x and exo Payroll)
Bulk download of attachments (more details...)
November 2021
November 2021
All good thank you
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