Accounts Payable Corrections in GCS Premier

Accounts Payable Corrections in GCS Premier

No matter how complete your policies are, how thorough your review process, and how meticulous the person entering transactions is, sometimes mistakes happen.  Here are some examples of how to make those necessary corrections.

Incorrect Vendor, Invoice Amount, Posting Period
In these situations, the original voucher must be reversed.  To reverse the original voucher, create an exact mirror image of the erroneous transaction, with all the amounts reflected as negative numbers on the correcting voucher. 

When using this method, you will want to enter a unique identifier in the Invoice Number field to indicate that it is a correcting voucher.   So if the original invoice number was 4532, the invoice number on the correcting voucher might be X4532.

Incorrect Charge Code
This type of correcting voucher is often called a “Zero Dollar Voucher.”  In this instance, you will enter the same basic information used for the original voucher (vendor, invoice #, invoice date).  However, the Invoice Amount will be $0. 

The first line of distribution will be the erroneous charge code used initially, with a negative transaction amount, i.e. ($5.12).  Then enter a line with the correct code and a positive transaction amount of $5.12.  The Transaction Description field is a good place to enter information indicating that this is a correction. Be sure to review the Voucher Edit report carefully before posting correcting vouchers to ensure you have the desired impact on the financials and job cost reports.

These are just a couple of situations where you will need to enter correcting vouchers, but we can all name many more.  If you have any questions regarding how to handle a particularly tricky correction, please contact us.

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