ACCPAC – Accounts Payable

The links in this example link to Adobe Acrobat documents. If you need the Acrobat Reader please download it from Adobe.

Adjustments to correct

an Invoice Posted

to Incorrect Period

that has been paid.

At times, you may enter and post an invoice to the wrong period and then pay that invoice in a normal regular payment batch. In this case, the invoice was posted to an incorrect period and fiscal year. The payment was made at the proper time so that the issue becomes reclassifying the invoice to the proper year and period.

In ACCPAC^® Advantage Series™ Accounts Payables, you would use adjustment batches to correct this situation.

An invoice is entered and posted in December 2002 that should have been posted to January 2003. Invoice payment occurred in the normal fashion. After review, it was discovered that the invoice should have actually been posted to January 2003.

To correct the error an adjustment must be made to remove the invoice from December 2002 and an additional adjustment made to properly state the invoice. Note: In ACCPAC^® when you pull up the original document, it does not automatically fill in the original account numbers that the invoice was posted to. Therefore, one must look at the original transaction to find the account numbers to credit. In our case, we had:

Invoice

Account	Description	Debit	Credit
2015	Accounts Payable		5,000.00
1300	Inventory Purchases	4500.00
6140	Freight	250.00
6380	Miscellaneous	250.00

Payment

Account	Description	Debit	Credit
2015	Accounts Payable	5000.00
1020	Checking		5000.00

Reversing Adjustment (12/15/2002)

Account	Description	Debit	Credit
2015	Accounts Payable	5000.00
1300	Inventory Purchases		4500.00
6140	Freight		250.00
6380	Miscellaneous		250.00

2^nd Adjustment (01/15/2003)

Account	Description	Debit	Credit
2015	Accounts Payable		5,000.00
1300	Inventory Purchases	4500.00
6140	Freight	250.00
6380	Miscellaneous	250.00

Note: When doing and adjustment in ACCPAC^® you do not need to enter the Accounts Payable Account. It is automatically done depending on the vendors account set. Refer to the screen shot below (this is a version 5.1 screen though the concept is the same).

The final adjustment-posting journal will show you the transactions and the vendor transactions report will show you the complete flow in accounts payable.

Finally, one should verify in the general ledger that the invoice transactions are removed from December 2002 and properly stated to January 2003. Please review the general ledger batch listing for the results. Note: I posted these in sample data that didn’t have the fiscal years 2002 and 2003 open so it created an error batch – you get the point though.