The Datafile Purchase Ledger allows posting to the current purchase ledger period and one future period. If you receive a purchase invoice for an earlier period that has now been closed, you can post that transaction but for Nominal and VAT purposes it’s treated as a current period transaction.
Adjustments are therefore required if the transaction needs to be posted into the original correct period for the VAT Form 100.
Option 1 – Where Real-Time Updating to the Nominal Ledger is Set
If the system is configured for real-time updating, then each purchase transaction will generate its own nominal journal. Within the Nominal Ledger – Other Journal Options, the Change Journal Period option should be used as per screenshot below:
The Change Journal Period option allows you to enter a date and journal number range and then asks you to confirm the period to adjust to and the period to adjust out.
Option 2 – Where Nominal Ledger Batch Updates Are Used
If batch updating to the Nominal Ledger, then it’s likely the posting will include additional transactions that should not have the period adjusted. For these, manual adjustments should be made using the Cashbook Payment processing options. The adjustment is done in two stages
Step 1
Select your Contra Adjustments account as the Bank Account for the payment, and enter a zero value. On line 1 select your balance sheet Accruals account and post the goods / vat amount. On line 2 select the original nominal expense account and post identical values but with a negative goods / vat amount.
Step 2
After reversing the posting you then need to re-enter to the required period – reversing the above so that the positive values post to your expense account and the negative values post to the accrual account.
Article ID: 2212 Created On: Thu, Oct 11, 2018 at 9:48 AM Last Updated On: Mon, Jun 12, 2023 at 2:19 PM
