Correcting mistakes in accounting software: edit, void, credit or ask

Skills you'll practise

• Choose between editing, voiding, deleting and a credit note for a given mistake
• Explain why an invoice already sent to a customer isn't edited after the fact
• Check that a credit note references the original invoice and shows the credited amounts
• Calculate a partial credit including tax and record a refund against it
• Identify duplicate supplier bills and correct them before payment
• Recognize corrections that affect closed or reported periods and refer them to the accountant

Course outline

1. 1.Correcting mistakes in accounting softwareVideo · 2 min
2. 2.Edit, void, delete or credit?Lesson · 15 min
3. 3.Credit notes, refunds and partial creditsLesson · 15 min
4. 4.Bills, duplicates and corrections that need the accountantLesson · 15 min
5. 5.Correcting mistakes in accounting software: edit, void, credit or ask: knowledge checkKnowledge check · 16 questions
6. 6.Final exam11 questions · passing it completes the course, so people who already know the material can test out

Sources it draws on

The lessons and questions are written from these references, so learners can go back to the original.

• HMRC VAT Notice 700: The VAT guide, section 18.2 Credits (UK example: issue a credit note and keep a copy; what a valid credit note shows, including the original invoice number and date)
• IRS Publication 583, Starting a Business and Keeping Records (US example: supporting documents for entries in your books)
• General bookkeeping practice