Correct posted supplier transactions

Find this screen

Open: Suppliers > Amend Transactions > Correct Transactions.

Watch a video

Correcting customer and supplier transactions (video)

How to

Reverse a supplier transaction

Do this when you want to delete a transaction that has been entered in error. This creates an opposite transaction, and allocates them to each other. The narrative for both transactions is updated with URN of the reversal transaction.

1. Select the transaction from the list.
2. Click Reverse.

3. The appropriate opposite transaction entry window appears, e.g. credit note to reverse an invoice.

4. Enter or change the Reference, if required.

5. Click Save.

Note: When you allocate a payment/receipt, the allocation date will default to either today's date or the payment/receipt date. This depends on what you have chosen as the Default allocation date in Supplier Defaults and Settings.

Make corrections to a transaction

Do this when you want to make corrections to an existing transaction.

1. Select the transaction from the list.
2. Click Correct.
3. The appropriate transaction correction screen opens.
4. Change the details as required.
5. Click Post Corrections.

Note: When you allocate a payment/receipt, the allocation date will default to either today's date or the payment/receipt date. This depends on what you have chosen as the Default allocation date in Supplier Defaults and Settings.

Reverse or correct an allocated transaction

To reverse or correct an allocated transaction, you must unallocate it first.

1. If you try to correct it you'll see a warning message, asking if you want to unallocate it.
2. Click Yes to this message to bring up the Allocations screen for the selected transaction.
3. Click Reverse to unallocate the transaction.

Reverse or correct a queried transaction

You'll need to remove the query flag before making any corrections.

You can remove the query flag from the Allocation screen or Supplier Transaction Enquiry screen.

Reverse or correct a foreign currency invoice or credit note

You can only reverse or correct foreign currency invoices and credit notes. For foreign currency payments and refunds (receipts), you need to create the reversing transactions manually and enter a new transaction (see below).

• You can't change to a supplier account that uses a different currency.

• The reversing transaction always uses the same exchange rate as the original transaction.

• If you're correcting a transaction, the new transaction will use the same exchange rate as the original unless:

  • You change the supplier account. In this case, the new transaction will use the current system exchange rate.

  • The supplier account uses a period exchange rate and you change the date. In this case, the new transaction will use the exchange rate set for the new date.

• If the transaction has been revalued, the revaluation amount will also be reversed.

Correct a foreign currency payment

If you need to correct a foreign currency payment, you'll need to manually entered a receipt to reverse it, create a new payment and then allocate everything. You might need to do this if a payment has been entered for an incorrect amount or exchange rate or if you use Supplier Payments and the payment was rejected.

To do this:

1. Check the original payment amount and the exchange rate used. You can so this using the Supplier Transaction Enquiry (Supplier List > Transaction Enquiry)

   

2. If the payment has been allocated to an invoice, then unallocate it (Suppliers > Amend Transactions > Amend Allocation). If there were any exchange rate differences, these will automatically be reversed. You can see this on the Supplier Transaction Enquiry.

   

   To unallocate the payment

   Open: Suppliers > Amend Transactions > Amend Allocation

   1. Select the payment and click Edit.
   2. Select the payment, click Reverse, and then choose Debit and Credit.
   3. Click Save.

3. Enter a purchase receipt to reverse the original payment. Make sure the receipt is for the same bank account, amount (in foreign currency) and uses the same exchange rate.

   To enter the receipt

   Open: Suppliers > Supplier List > Receipt

   1. Select the bank account.
   2. Select the supplier.
   3. Make sure the value (in the foreign currency) matches the original payment.
   4. Make sure the exchange rate is the same as the rate used for the original payment. Click to change the exchange rate.
   5. Click Save and Allocate.
   6. Allocate the new receipt to the original payment.

4. Enter a new payment. Check that the exchange rate is correct. It will use the current exchange rate set in Sage 200 by default.

   To enter the new payment

   Supplier List > Payment

   1. Select the bank account.
   2. Select the supplier.
   3. Enter the new payment details.
   4. Check the exchange rate. Don't forget the new payment will use the current rate set in Sage 200 by default. Click to change the exchange rate.
   5. Click Save and Allocate.
5. Allocate the new payment to the original invoice.

Make changes to a refund (receipts)

Refunds (receipts) can only be reversed, and not corrected. If you need to make changes to a refund, you'll need to reverse it and then enter a new refund using Receipts screen (Supplier list > Receipt).

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Useful info

When to reverse a transaction

Use the Reverse option to remove transactions you've entered in error.

• The transaction is reversed by entering an opposite transaction. For example, if you choose to reverse an invoice, a credit note is created. The credit note has the same details (date, values, discount, VAT code, nominal accounts) as the transaction being reversed. These details can't be changed.
• You can amend the Reference to show that the transaction is reversed.
• The two transactions are allocated to each other.
• The narrative is updated on both transactions to show which transaction was reversed.

Which transactions can't be reversed or corrected?

You can't reverse or correct:

• Foreign currency payments or refunds (receipts).
• Opening balances.
• Any transactions created to correct or reverse another transaction.
• A transaction that has already been reversed or corrected.

You can't correct (only reverse):

• Refunds (receipts).

What can I change?

You can change all the information on a transaction that allows corrections. The correction is handled differently depending on what is changed.

For references and due dates, the original transaction is updated and no further transactions are posted.

For all other information:

• A transaction is created to reverse the original transaction and these are allocated to each other.
• The narrative is updated on both transactions to show which transaction was reversed.
• A new transaction is created containing the changes.

What if the payment is reconciled?

You can't reverse or correct transactions that are reconciled or are included on a draft bank reconciliation. You must unreconcile them or delete the draft reconciliation first.

Tip: Don't forget - you'll need to re-reconcile the original and reverse transactions as well as the new corrected one.

What if the invoice is included in suggested payments?

You'll need to remove the invoice from the suggested payments file first.

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Questions

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What happens when

The transaction is reversed or corrected?

• An opposite transaction is created and posted to the supplier's account and allocated to the original transaction.

  • For an invoice, the opposite transaction is a credit note.

  • For a payment, the opposite transaction is a receipt.

  • For a credit note, the opposite transaction is an invoice.

  Note: When you allocate a payment/receipt, the allocation date will default to either today's date or the payment/receipt date. This depends on what you have chosen as the Default allocation date in Supplier Defaults and Settings.

• The narrative of the reversing transaction is updated with the URN of the original and the new transactions. For example, Reversal of URN 334. Correction is URN 456.
• For corrections, a new transaction is created.