How should we adjust the accounts payable ledger if a payment has already been posted to balance sheet accounts but should instead be recorded against the vendor subledger (accounts payable)?
What would be the correct accounting treatment to move the transaction from the balance sheet account to the accounts payable ledger while maintaining proper reconciliation?
Hi,
How did you record the original payment ? Was it through a supplier payment proposal or mixed payment (manual) ?
Did you try to rollback the transaction?
Hi,
Himarshi Gunathilaka Is correct, we need / you need to focus on the transaction that was posted incorrectly (not the correct account number).
Determine the transactions and attempt to roll back (undo) what was done.
For example, if the transaction was created via a mixed payment, you may be able to cancel the mixed payment and redo the process. If the mixed payment had a good number of other transactions, you could copy the canceled mixed payment making sure to remove the “bad” transaction and continue the process.
Depending on how long your team had been using IFS they should know how to fix.
Best regards,
Thomas
Sometimes, if bank transactions are reconciled, it isnot possible to simply rollback mixed payment.
In such case I was always recommending to create “dummy” mixed payment, with transaction opposite to the incorrect one, and another one recorded in correct way.
But, as it was mentioned already, you need to be sure how the original transaction was recorded.
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