Sage Construction & Real Estate

Welcome to the Sage Construction and Real Estate products Support Group on Community Hub! Available 24/7, the Forums are a great place to ask and answer product questions, as well as share tips and tricks with Sage peers, partners, and pros.

to deposit an old refund.

Posted By JR. Accountant over 5 years ago

I need to deposit an old refund. An invoice with negative amount was posted for this refund in AP in 2017. Now i posted invoice with the same amount to offset this invoice and amount in job cost. Now i've been told to post in JC a credit (2000) for Cash clearing account: DR Cash clearing amount and what to CR? Job cost-material account again? or Bank account? Then i have to deposit a cheque for this amount into Cash clearing account through Cash Management. Please Help

0 Richie over 5 years ago

I'm having trouble understanding exactly what is going on.

I assume you are saying that you created a negative invoice in AP back in 2017. And you received a refund from that vendor now? I also assume that you still have that negative invoice in your AP system currently?

I would create an AP invoice for the amount of the refund. You can use a job account or a clearing account. (this will be a debit)

Then, I would use the 1-2 Deposits/Interest screen to deposit your refund check. Use the same account number you used in the previous step (this will be a credit and will cancel out the debit from the previous step).

Finally, I would use the 4-3-2 Pay Vendors screen to print a zero dollar check to cancel out the old credit for that vendor.

The net of today's transactions would be a debit to cash, and a credit to A/P.
Cancel
Vote Up 0 Vote Down

Sign in to reply

Verify Answer

Cancel

Sage Construction & Real Estate

to deposit an old refund.

COMMUNITY

COMPANY

PARTNERS

SUPPORT & TRAINING