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SSC2021
October 18, 2021
Question

Duplicate VAT due to deposit / income receipts. How to adjust?

  • October 18, 2021
  • 1 reply
  • 0 views

Hello there!

I had to tick an invoice as being paid, as the system would not automatically match it to the invoice it belonged to. This works fine for banking and the invoice plus I believe the clients sale data, however in the VAT return it becomes a problem as I have duplicates.

Since undoing this sales receipt doesn't solve the problem, as I can't match the invoice still I wonder how I can resolve it please? 

 

Thanks,

SSC2021

1 reply

KlentB
KlentB
October 19, 2021

I'll help you fix this, SSC2021.

 

You'll want to make sure to create a payment for the invoice first. Then, then deposit the funds into the correct bank account so you'll be able to match it with the downloaded transaction. This process will link them together so you don't get duplicates. Here's how:

 

  1. ReceivReceive the payment.
  2. Create a bank deposit to move the payment.
  3. Go to the Banking or Transactions menu.
  4. Select the Banking tab, then choose the appropriate bank account.
  5. Head to the For Review tab, then locate the downloaded payment.
  6. Click the transaction to expand the view.
  7. Tick the Find match radio button, then review the records found.
  8. Select the existing invoice payment then, hit Save.

Once done, check your VAT again. If the amount is still doubled, you can create adjustments to correct it. Take note that you may need to consult your accountant in adjusting the amount to ensure that everything is accurate.

 

I'm also adding these articles to learn how to review downloaded bank/credit card transactions and reconcile your accounts: 

 

Feel welcome to reach out to me again with any concerns or follow-up questions you may have. Have a good one.

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