VAT CONTROL ACCOUNT CORRECTION

[issie]

HI MY NAME IS ISABEL , HOW TO CORRECT DEPOSIT THAT WAS MADE IN CASH BOOK INCLUDING VAT , SHOULD BE EXCL ( INVESMENT ACCOUNT)

[Mike C]

Hi issie - welcome to the forum.

I presume that you have updated the cash book already? If so then do the following.

First make a backup so that if your correction does not work out as you expected you can restore and try again.

Now re-enter the deposit in EXACTLY the same way as you did the first time ... same date etc including VAT ... BUT make your entry a minus figure. This will reverse your erroneous entry.

Now do the entry correctly exclusive of VAT.

Update your cash book and check your journals.

[issie]

Hi issie - welcome to the forum.

I presume that you have updated the cash book already? If so then do the following.

First make a backup so that if your correction does not work out as you expected you can restore and try again.

Now re-enter the deposit in EXACTLY the same way as you did the first time ... same date etc including VAT ... BUT make your entry a minus figure. This will reverse your erroneous entry.

Now do the entry correctly exclusive of VAT.

Update your cash book and check your journals.

THANK YOU IT WORKED

[issie]

HI THE COMPANY I WORK FOR SOLD A BAKKIE DO I INVOICE IT INCLUDING VAT ( LIKE A NORMAL INVOICE ( SALES OR DIFF) PLEASE HELP

THANKS