2010 Ledger Adjustment…
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"Control the Present, Predict the Future ..." |
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Hello Everyone… |
2010 Ledger Adjustment… |
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There is a button in the Customer Ledger screen that allows you to Adjust the Ledger by adding a Debit or Credit to correct a mistake, barter for service, etc.. There is a problem with recording the transaction that way, which is why we are removing the feature. The problems include lack of control, no transaction paper |
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trail, the adjustment will not be included on all reports (many reports are driven by the Sale Transaction, not the Ledger entry) ,and the adjustment will not be included in any exports to accounting. All bad things that will rear their ugly head days, weeks and sometimes months later. Or even worse, you may never notice the discrepancy at all. So what is the correct way to fix a mistake on a customer ledger? The obvious one is to simply Delete the Original Sale and re-ring it the correct way, but there may be times when there is no Original Sale or you need to correct a transaction that was processed for a date that you’ve already exported to your accounting software. For example, let’s say I am a member at your club and we are going to barter for some service. I agree to go into the kitchen and wash the dishes after lunch and take out the trash (something I often do here!). In exchange, the club will take $50 off my bill (i.e., apply a $50 credit to my ledger). The proper way to do this is to go to the Sale screen, bring up my account, process a Payment on Account for $50and for the payment method you would set up and select “Barter”. This, in turn, would be tied to the correct GL code so that when you do an accounting export the transaction is reflected correctly in your bookkeeping. You could also set up a generic manual entry item called “Ledger Adjustment”. If you need to debit an account for a missed charge, you would process a | |
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Until Next Time… Enjoy J If you need anything, let us know. Also, if you would like something specific covered in one of these Lessons, send the request my way. See all the great tips in our prior newsletters posted on our website under the Lessons from the Pro link. Thanks! Tom and Rick Robshaw | |
