Writing balances off in Sage - The Book-keepers Forum (UK)

Debbie H · Member

Writing balances off in Sage

Mary · Veteran Member

For exchange differences I post either a dummy invoice or credit note to clear the account, and post the net amount to an account in the nominal ledger called exchange rate variances (you may need to set up a new account called this).

For underpayments, again I would post either a dummy invoice or credit note to clear the account, and post the net amount to the same nominal account as the original invoice.

BackOfficeGroup · Guru

If it is an underpayment, then it is money not received from clients and therefore a write off, and a few pence each year will not make any difference. or you could, as Mary suggests, post a credit note to get rid of the difference.

With exchange differences, I would agree with Mary. If they are doing a fair but abroad, perhaps it would be an idea to have a bank account in that currency ie Euros and then post in Sage in that currency.

Weebly_one · Veteran Member

For most small underpayments in Sage I use the discount column in the Sage Receipts/payments window (depending if it is a customer or supplier transaction).

If it is an overpayment then I go through the dummy invoice rigmarole.

If you are Standard accounting and not cash accounting Sage have a routine for writing off small underpayments and overpayments - hit F1 then go to search and look for write off for the appropriate page. You can't use this with Cash Accounting however due to the VAT implications.