I have slight posting problem and I do not know how to correct posting or what i need to do to fix this and avoid this from happening.
Our company is part of multi company. the problem I have is that, we received a supplier invoice from a common supplier, PO was raised on the sister company but invoice got sent to us in error and this got posted on the supplier account but created a IP13 posting, and just to add to this, this invoice got paid and is in posted paid state.
How can cancel or create contra to clear this transaction from my GL account as now I have difference in my Aged Debtors and GL report they do not agree.
I would really appreciate if anyone has similar issue or how you have fixed this.
Please see below GL transaction posting
Thanking you in advance.
Thanks
Swati
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Hi,
If you say the invoice got paid in error, what will the supplier do with the payment? Will they return it or will they keep it? Because for as long as the cash is still with them, IFS is showing the true transaction what happened. Clearing the intercompany cost posting (IP13) is essentially offset by the bank balance reduction in your company.
It is correct that there is intercompany debt balance here - because you paid an invoice which should have been paid by them so essentially you owe money from them. You could enter an invoice against this company to transfer the funds to your entity and clear this balance.
Depending on what happens with the cash the solution on how to deal with this will be different. What is the end result you’d like to achieve in terms of postings for your and the end company? Some options you’ve got are:
Invoice the inter-company to receive funds from them for the invoice paid
Send a credit invoice to the supplier for the incorrect payment, post it to the intercompany
Multi-company voucher
It might also be a good idea to change the posting controls for IP13 to go to a different account, rather than intercompany debtors for these scenarios, if this maybe should affect longer term loan account (and therefore each transaction wont’ get cleared) rather than debtors account.
I forgot to mention, in order to avoid this from happening in the future, there is a setting which controls whether POs from other companies can be matched to invoices in other companies. It should be set to “Only Match PO line(s) with Company Correspondence”
Hi IRituma
Thank you so much for your response on this, I will try and do this and fingers cross this works and avoid this from happening in the future.
