Receivable reconciliation - invoices from prior years

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Contributing Partner CDM
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Contributing Partner
Australia
Contributing Partner

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Receivable reconciliation - invoices from prior years

Hi,

 

Can someone please help me with this.

I had some issues with duplicate entries in Myob AR and Myob AE debtors for sales and receipts and when I talked to AE support I was told to use journals at month end for debtors and receipts so that I do not have to input individual entries and I also had to split the trade debtors under seperate units as per a management requirement. I did this via journal entries few years back . When the receipts were applied they were applied as a bulk journal entry as well and hence did not receipt into the individual invoices. I still have those invoices sitting in my receivables reconciliation although they have been paid. Is there anyway I can clear these balances in this financial year although the actual invoices are from prior years?

 

Appreciate someone's help on this please.

 

 

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MYOB Moderator Steven_M
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MYOB Moderator
New Zealand
MYOB Moderator

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Re: Receivable reconciliation - invoices from prior years

Hi @CDM 

 

From an AccountRight point of view, there is only two ways to clear an entered invoice:

 

  • Make Payment on the selected invoice i.e. do a Receive Payment transaction that includes an amount allocated to that invoice. This option is pretty self-explanatory go into Sales>>Recieve Payments>>Select the desired customer and enter the required amount offset that against the relevant invoice (allocation column) before selecting Record. Note: that this will impact the bank account that you have listed as the Bank Account for that Receive Payments transaction. You could look at doing a journal entry involving that bank account to remove the impact on that account - best to speak to an accountant if you are unsure of the accounts involved with that.  

  • Apply a credit note to that invoice. A credit note of that invoice could be created via Edit>>Reverse transaction and recording the reversal. This will generate a credit note in Sales>>Sales Register>>Returns and Credits> From there you can select the relevant credit note and select Apply to invoice to allocate that credit note to the required invoice to close it off. It should be noted that the reversal would need to be recorded in the current financial year and as such may impact your current year values.

Kind regards,
Steven

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