Double booking of Revenues

Problem reported by Kumar Modi 10 years ago

Dear Clear Books,

I wonder if you can assist me. At some time in our last accounting period, we received many payments in the bank but where not able to ascertain which of our customers paid us.

In order to ensure that we paid the correct VAT (we use a cash basis), we booked these receipts under 'Deposit Revenue' items in the P&L once we could ascertain the correct customers we reallocated the payments so that the debtors balance was correct. However there were some payments that we had not allocated before the VAT was calculated and now the system is not allowing us to edit/delete the transaction and reallocate. As these receipts have been invoiced already I fear that the revenue is double counted.

I wonder if there is away we can reallocate payments once the VAT has been posted. My objective is to ensure that the Revenue and Debtors is correct.

Thanks

Kumar

Solved
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1 Reply

Hi Kumar,

Have these items been included in a VAT return?

If so, you will have to create refunds for these transactions and then reissue them as new invoices. However, if you have not included these in a VAT return you will be able to delete the payment on the invoices in question and make the necessary changes. The payment will return to the bank account too and allow you to change it

Here is a guide on creating a refund for a customer: https://www.clearbooks.co.uk/support/guides/money-2/paying-a-refund/

I hope that this helps.

Chris

10 years ago

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