removing pending payment in General Ledger that doesn't exist

Question

I'm new to Sage and bookkeeping. I was posting a deposit in a sale invoice. I used pay later and cheque. I then discovered that a previous transaction for the deposit had already occurred. in the confusion, both payments got reversed with credit memos. Now the client has a credit balance for the 2 deposits and the GL is waiting for payment from the one that i did. I need to reverse it so that the client doesn't show a credit balance and also how do i take it out of pending payment in the GL . it's showing a variance when i try to reconcile because of the deposit i did as "pay later" ? can anyone help?

Agate · Answer

Hi Angelika: 
 The best way to handle this is to go backwards from what you last entered. Reverse or void both credit notes then reverse or void the last payment by cheque that you entered which made a duplicate payment. What you should have now is a sales invoice that is outstanding and a prepayment towards the previous sales invoice. Next in the Receipts screen pay the invoice and apply the prepayment so the net receipt is zero. Date the transaction with the date of the sales invoice and record as a cash transaction (it will not affect the bank because there is no money involved). This should alleviate your issues. 
 Hope this helps!

Agate · Answer

Hi Angelika: 
 There are several ways to do this. You can record the debit as a miscellaneous sale and then record a cash payout though purchase invoices to the same miscellaneous sales account. You may also create a journal entry recording the debit and the withdrawal of cash. In all cases the only difference is your cash drawer is going to be out by $5.00 and your bank account is going to increase by $5.00. It almost sounds as if you are using two separate accounts one for the cash drawer and one for the actual bank account. If this is the case just journalize a transfer from one account to the other if I understand your situation. 
 Hope this helps!

Sage 50 Canada

removing pending payment in General Ledger that doesn't exist

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