if you sell tangible goods check to see the purchase/cogs are calculated properly. our businese use sl and at each monthend we have to do a journal entry to correct cog/inventory to reflect the actual values and it is typical that the values are off by 15-20%. that could be quite a bit of money if you are a medium business and the irs probably isn't going to like it too much...tim
> 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" <[EMAIL PROTECTED]> 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 >> > >> > ------------------------------------------------------------------------- >> > This SF.net email is sponsored by: Microsoft >> > Defy all challenges. Microsoft(R) Visual Studio 2008. >> > http://clk.atdmt.com/MRT/go/vse0120000070mrt/direct/01/ >> > _______________________________________________ >> > Ledger-smb-users mailing list >> > Ledger-smb-users@lists.sourceforge.net >> > https://lists.sourceforge.net/lists/listinfo/ledger-smb-users >> >> >> >> >> >> >> >> ------------------------------------------------------------------------- >> This SF.net email is sponsored by: Microsoft >> Defy all challenges. Microsoft(R) Visual Studio 2008. >> http://clk.atdmt.com/MRT/go/vse0120000070mrt/direct/01/ >> _______________________________________________ >> Ledger-smb-users mailing list >> Ledger-smb-users@lists.sourceforge.net >> https://lists.sourceforge.net/lists/listinfo/ledger-smb-users > > > ------------------------------------------------------------------------- > This SF.net email is sponsored by: Microsoft > Defy all challenges. Microsoft(R) Visual Studio 2008. > http://clk.atdmt.com/MRT/go/vse0120000070mrt/direct/01/ > _______________________________________________ > Ledger-smb-users mailing list > Ledger-smb-users@lists.sourceforge.net > https://lists.sourceforge.net/lists/listinfo/ledger-smb-users > ------------------------------------------------------------------------- This SF.net email is sponsored by: Microsoft Defy all challenges. Microsoft(R) Visual Studio 2008. http://clk.atdmt.com/MRT/go/vse0120000070mrt/direct/01/ _______________________________________________ Ledger-smb-users mailing list Ledger-smb-users@lists.sourceforge.net https://lists.sourceforge.net/lists/listinfo/ledger-smb-users
