Dikshit Shah (47 Points)
16 April 2021DEAR SIR/MADAM,
WE HAVE MADE ONE WRONG PAYMENT[ANOTHER ACCOUNT(WRONG ACCOUNT NUMBER ADD)] TO MY SUPPLIER ON 26/06/2020 RS.5000
STILL TODAY WE HAVE NO ANY AMOUNT RECEIVED FROM BANK SIDE.
NOW HOW CAN PASS ACCOUNTING ENTRY FOR CLOSE ACCOUNT.
DEBIT AMOUNT 14332
CREDIT AMOUNT 9332
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 16 April 2021
Contact supplier regarding outstanding payment return.
But they took the payment and kept it.
Since you have not raised any debit note, but made payment from wrong bank account, the supplier did not return the payment to rectify error, you can proceed further.
Your debt and credit balance needs more info please
Dikshit Shah
(47 Points)
Replied 16 April 2021
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 16 April 2021
Now in your payments journals, update the new correct bank account. Then transfer the 5000/₹ from this bank account to the bank account you initially paid 5000/₹ from. Request the supplier to reissue payment receipt with new bank account updated if that is possible on your ERP.
There is no need to use prior period changes as amounts are not restated. But make clear notes of what has happened.
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 16 April 2021
If you made payment to some other account, then, write off as Supplier account written off. Sorry, I couldn’t get if you made payment from wrong account, or you made payment to the wrong account, if you can please clarify. Txs
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 16 April 2021
Purchases a/c 9332
To Supplier a/c 4332
To Wrong supplier a/c 5000
if you did it this way, you must have asked the wrong supplier to return the money back. Until he returns
Receivables a/c 5000
To Debit note/purchase returns/reimbursement a/c 5000
if you did not get the amount from wrong supplier, then
Bad debt written off a/c 5000
To Receivables a/c 5000
and Male another entry
suspense a/c 5000
To Correct Creditor a/c 5000
its you know how the transaction flows. Hope you got my gist.
CAclubindia
