3x Supplier Prepayments Need to be Reversed and Correctly Entered in Sage 50

The Sage 50 software comes with a highly user-friendly interface & improved features, to save you a lot of time & effort. However, as per the feedback received from a section of Sage 50 users, there are certain account-related features they often find difficult to use. Some of them have informed me that they are not quite aware of how to reverse 3x supplier prepayments and enter them correctly in Sage 50. In this blog, we will look at a simple and step-by-step procedure to do so. 

Here we go!

Step to Reverse 3x Supplier Prepayments and Enter Correctly in Sage 50

Please follow the steps below-

• Go to the Payables (Vendors & Purchases) module
• Click on the Home window
• Click on Payments
• From the To the order of drop-down, choose the supplier for whom you need to reverse.
• Click on the Payment menu and specify the fully paid invoices
• checkmark the Include Fully Paid Invoices/Prepayments box if the invoice was paid in full
• alter the Paid By box to Cash
• alter the From box to choose the correct account to record the reversal
• Add the necessary info to the receipt number (for example, reversed, void NSF, stale-dated and so on)
• Change the date to that of when your bank reversed the payment
• Go to the Payment Amount column and enter the said amount in negative, on the line where the invoice is shown
• Enter a Comment, if needed
• Click on the tab named Process / Post

How to Reverse Customer Receipts in Sage 50?

Please follow the steps below-

• Go to the receivables (customers & sales module
• Click on the Home window
• Click on Receipts
• On the From drop-down, choose the customer for whom you need to reverse.
• Click on the Receipts menu and specify the fully paid invoices
• checkmark the Include Fully Paid Invoices/Deposits box if the invoice was paid in full
• Change the Paid By box to Cash
• alter the Deposit to box to choose the correct account to record the reversal
• Add the necessary info to the receipt number (for example, reversed, void NSF, stale-dated and so on)
• Change the date to that of when your bank reversed the deposit
• Go to the Amount Received column and enter the said amount in negative, on the line where the invoice is shown
• Enter a Comment, if needed
• Click on the tab named Process / Post

Please consider the following..

To properly reverse a payment, please keep in mind the following points-

• you must first reverse the payment and then reverse the invoice if you do not want to keep it
• If the invoice has been reversed mistakenly after the payment was created, a credit note will be created and this credit note will have to be removed.
• If your company is charged the NSF bank fees, you will need to create a new invoice. Then a new payment when you pay the invoice.

In the sections above, we have discussed a step-by-step procedure to reverse supplier payments and enter them correctly in Sage 50. If you are still having any issues in implementing the steps mentioned above or if you have any more queries, you may consult 1800 964 3096 with some of the authorized Sage experts.

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