Re: Transaction reversal - I think

[beamends <..hidden..>]

On Sat, 2008-05-17 at 09:09 +1000, Terry Porter wrote:
> Hi all,
> 
> Caveat: I'm an electronics technician, not a bookeeper, or accountant, tho I have studied bookkeeping in my spare time at home.
> 
> What I do to reverse a transaction is :-
> 
> 1) Open the invoice that needs reversal, lets call it "INV101"
> 2) Append "REV" to the invoice number, i.e 'INV101REV"
> 3) Place a minus sign "-" in front of ALL item QUANTITIES in INV101REV
> 4) Place a minus sign "-" in front of all payments listed in INV101REV
> 5) Add a note in the comments section "Reversal because blah blah" of INV101REV
> 6) Check INV101REV
> 7) Double check INV101REV
> 8) Click on "post as new"
> 9) Call up the customer invoice history and see that the invoice amount has been reversed.
> 10) Open the invoice that needs reversal, "INV101"
> 11) Append "ADJ" to the invoice, i.e. INV101ADJ
> 12) Alter it to fix the error
> 13) Check INV101ADJ
> 14) Double check INV101ADJ
> 15) Click on "post as new"
> 16) Call up the customer invoice history for "INV101" and check everything, you should see all the amounts are now correct. You should see only three entries, INV101 and INV101REV which cancel out, and INV101ADJ whos value is equal to the total at the bottom of the screen.
> 
> It sounds tedious, and it is at first, but as I make few mistakes I've had to reverse the reversal of the reversal on occassion!
> 
> Nowdays after probably 15 reversals so far, I find them really easy. I always reverse the TOTAL invoice and create an ADJ for the final replacement, I don't know if a partial reversal is possible as my accounting skills suck.
> 
> One day I asked a 'proper' accountant, who is one of my clients, "have you got many reversals in your books ?" and was stunned by her reply " tons!", as I thought it was just me that made mistakes when creating invoices, but no, even the 'professionals do it' !
> 
> Some tips:
> 1)NEVER cancel an invoice
> 2)Set your system to refuse any deletions, i.e. force reversals instead.
> 3)ALL mistakes can be corrected with a reversal, it just takes a little practice, so create some test invoices with just one item and one payment, and reverse it, repeat until you get the hang of the process.
> 
>  
> Cherio
> Terry
> 
> 

Many thanks, I'll be giving that a go this morning.

Cheers
Richard

> 
> On Fri, 16 May 2008 13:36:35 -0700
> "James D. Ivey" <..hidden..> wrote:
> 
> > beamends wrote:
> > > Hi All,
> > > I've had a spot of bother with Invoices being posted twice, and
> > > forgetting to change the total payment when customers have added
> > > something. I need to reverse the extra transactions (presumably?) -
> > > could some kind soul explain how I do this (I'm using the default UK
> > > chart, with VAT) - I'm affraid I go all blank on the accountancy side of
> > > things, so words of one syllable would good.
> > I've been trying to do this:
> > http://tinyurl.com/5k8cqy
> > 
> > But without success so far.  I must be doing something wrong because 
> > "Update" always replaces the 0 amounts with the default amounts.
> > 
> > FWIW: version 1.2.13.
> > 
> > Regards,
> > 
> > Jim
> > 
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