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Hi All,
We have a user that has posted a few Sales Documents in April, however the fees have come throught o May which means that these documents have posted in the incorrect period.
Please provide me with a solution to rectify this problem as the finance department is not willing to accept this.
Yoru help will be highly appreciated.
Nish
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Thanks Guys....Awesome stuff. It worked. Appreciate it
Correcting transactions from GL only will not correct transactions in series, that is series are never updated. When your finance department stuck and conduct reconciliation month by month they shall be confused with these transactions,
I suggest you to : Void the transactions, so GP could create a voiding JV as well, and re enter the transaction from Series.
Regards,
Mustafa
Nish,
If you use Ian's recommendation, be sure to use the GL feature for 'Correcting' a journal entry. Use the action to 'Back Out a Journal Entry and Create a Correcting Entry'. This will keep the transactions somewhat linked together. In order to use this feature with GL entries that were created by subsidiary transactions, you will need to change GL setup. In the General Ledger Setup window check the box to Allow: Voiding/Correcting of Subsidiary Transactions.
Kind regards,
Leslie
A short cut wold be to post reversing entries in the GL alone - so post a GL to rverse the effect of these tansactions in May...and then repost theGL Journals in April.
For sure, you lose the direct connection between the original transaction and the new GL Journal in April - but your accounts are correct and it means you don't have to worry about reversing the originating transactions - are they in history, will the COGS change etc.
Ian.
Nish,
For SOP Invoices, you should ideally enter the return transactions. The Posted Transactions window does not update the inventory. If you are tracking inventory items, you should not void the SOP Invoices using this window.
Also, note that only open receivables documents are available for voiding. If transactions are already moved to history, they won't be available for voiding in GP.
Rubal,
Hi Nish,
Were these SOP Invoices (Trx-Sales-Sales trx Entry)? or were these entered as AR Invoices (Trx-Sales-Trx Entry?
Either way, you should do the following to reverse the original effect -
1) Void the original invoice - go to Transaction-Sales-Posted Transactions
2) select the customer and then select the invoice that posted inorrectly
3) make sure that the posting date (which is the date that will post into the GL) is set to May
4) click on the void button
This will make sure that the original amounts - Sales, AR (or cogs and inv if SOP) or any other entry that was posted in may, gets reversed (again, in May) so that the net effect in May is 0
You can then re-enter the inovice with the correct date and post. Of course, you will now have a new invoice number in this case.
Alternative to this, if you do not want to void, is to enter a re-calss JE directly in the GL.
Thanks,
Sandeep.
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