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MYOB – Can I delete a sale in a previous year that was incorrect?
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Published on Monday, 24 March 2014 10:26
A client called who had a sale dated 24 June 13 that was incorrect. Whether to delete a sale in previous tax year that is incorrect depends on whether the accountant has worked or is working on that year end.
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Not the best way - If the accountant hasn’t done your year end accounts, then it is OK to delete but really that will change your GST for that earlier period – if the GST is reconciled for the year end, and adjustment can be made in the next BAS – but keep good copies and records of how you arrived at your figures, such as copies of the transaction and why it was wrong and needed to be removed – note best practice is to NOT delete but create an adjustment note (negative invoice for the full amount and apply to this old invoice in the Sales Register at tab Returns & Credits, click Apply to Invoice, in the next screen apply the amount to the correct invoice in the list below.
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Does the sale amount need to be altered? It is better to create an adjustment in the current BAS period – adjustment note (credit) or if you need to invoice for more products or service.
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If the accountant has the accounts for the year end, DON'T delete the sale – don’t change ANYTHING prior to 30 June, as your accounts will not be the same as the accountant is using! – Reverse the sale from a date in your current BAS period (or 1 July) as follows -
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Create another invoice dated 1/7/2013 for the same amount but with negative $, even if just a Service invoice (select from Layout at bottom of invoice) - then
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Open the Sales Register >Returns & Credits, highlight the sale just created >Apply to Sale (at the bottom of the screen);
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Enter date as 1/7/2013 in the Settle Returns & Credits screen, ensure the amount is applied to the invoice 24/6/11 so they will cancel each other;
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>Record.
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