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

3x Supplier Prepayments

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 with some of the authorized Sage experts.

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FAQs

What are Prepayments?

A prepayment is used to adjust accounts for payments made before receiving the benefit. Examples of prepayments include:
🔹 Rent paid in advance
🔹 Insurance premiums
🔹 Legal retainer fees.

What is the Procedure to generate a NACH/ACH Payment in Sage 50?

Please follow the steps below-
🔹 Open the Sage 50 application
🔹 Open the menu named 4-3-1 Select Invoices to Pay 
🔹 Set it to pay the proper vendor invoices
🔹 Now, click to open the menu named 4-3-2 Pay Vendors 
🔹 Checkmark the Payee box for the relevant vendor. 
🔹 “Yes” will be displayed in the ACH available column
🔹 Go to the Pay by field and click the option to pay by ACH Payment 
🔹 Now click the Pay Vendors button
🔹 The Vendor ACH Payment File Creator window will be displayed on your screen
🔹 Fill in the proper Deposit Date and Transaction Date
🔹 Click the tab named Create File

How can I Print the P32 Employer Payment Record for a previous Tax Year?

🔹 Go to the Payroll section
🔹 Click on the tab named Change Process Date.
🔹 Here, modify the process date to the required tax year.
🔹 Go to the Reports section
🔹 Click on the tab named Year-End.
🔹 Choose the relevant tax year.
🔹 Now choose Form P32 – Employer Payment Record 
🔹 Click on Print.
🔹 Specify the relevant tax month range 
🔹 Click OK
🔹 If you use e-Banking, you will be asked to record the employer’s NI, employment allowance and total amount due. In case you are using the Collector of Taxes wizard, 🔹 You have to uncheck this checkbox. Next, click OK.
🔹 Verify if your printer details are correct 
🔹 Click OK 
🔹 Click Close to finish

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