Historical Transactions and Credit Note

For this year...

Dec. 24, 2012  =  service charge on RBC chequing account for $1.50 and entered in Sage 50 as a historical transaction for RBC

Jan. 11, 2013  =  the service charge of $1.50 is credited to the chequing account

What is the 2013 entry to show the backing out, or crediting, of the 2012 historical transaction?


Thanks!

  • 0

    there could be many reasons when someone reversed a transaction three weeks later

    is this a single user system ? did a different person create the credit ?

  • 0

    Using the date of Jan11/13 create another journal entry to do the opposite of the Dec24/12 entry (example: dr bank and cr bank service charges).

  • 0 in reply to Smith and Co

    BTW - I am assuming that you are referring to the bank stmts - Dec/12 showed a bank charge that you entered via historical entry. Jan/13 bank stmt shows a reversal or credit of the Dec/12 bank charge and that credit will be recorded in the month of Jan since that is when the transaction took place. I have clients that is billed for service charges for end of month and some is then reversed at beginning of following month such as paper fee charged and then reversed as client has opted for online stmts.

  • 0 in reply to Smith and Co

    Thanks - I will give that a go and see what happens - and yes, you are assuming correctly :)

    This whole thing about correctly bridging fiscal years seems very tricky!!! While I seem to grasp the understanding of historical transactions, what I am doing in Sage 50 doesn't always seems to work the way I think it will LOL I spend MANY, MANY late nights doing and redoing reconciliations over and over to get them started because of the whole historical transaction phenomenon LOL!! I'm fine once it's setup correctly, but I rarely, and I mean rarely, get it started correctly... usually takes me days to get it done so I am clearly missing something.

    All these "clear" instructions on how to initiate reconciliation is NOT clear for me. I just keep making stabs in the dark and eventually through deduction get it right LOL!!!