If you need to correct an error that originated in another Sage 300 application and the difference is too large to post to the Clearing Errors account, you can correct the error by processing an adjustment.
Note: You must enter adjustments both in Banking and Tax and in the originating ledger. You use a clearing account so that these adjustments do not create entries for the General Ledger bank account.
Before you start
- If you have not already done so, set up a distribution code for data entry error corrections.
- Assign a G/L clearing account to the distribution code.
To correct a data entry error:
- On the Bank Entry screen, enter an adjustment for the amount of the error. (Use a data entry correction distribution code and a clearing account for the adjustment.)
For example, if you issued a manual check for $100, but recorded it in Accounts Payable as $10, the adjustment in Banking and Tax would be:
DR Clearing Account $90 CR Bank Account $90 Note:You can open the Bank Entry screen in either of the following ways:
- On the Reconciliation tab of the Reconcile Statements screen, select the transaction you want to adjust, and then click Bank Entry.
- Banking and Tax > Bank Transactions > Bank Entry.
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Enter a corresponding adjustment in the originating subledger.
For example, if you issued a manual check for $100, but recorded it in Accounts Payable as $10, the adjustment in Accounts Payable would be:
DR Vendor Account $90 CR Clearing Account $90 If the check was recorded at more than its actual value, the debit and credit accounts are reversed.
- On the Reconciliation tab of the Reconcile Statements screen, change the check’s status to Cleared.
The amount in the Withdrawals column appears in the Cleared Amount column. The error amount is offset by the bank entry, which you can reconcile, separately, once you post it.
- Click Save.
Tip: You can view the result on the Summary tab. (Click Calculate to update the summary if clicking Save does not change it.)