Wrong Accounting

navuser1

Dear All,

A huge purchase vat amount has been loaded into the Inventory G/L Account instead of VAT Purchase G/L Account due to wrong setup. These all happened from the Purchase Invoice posting in the Dynamics NAV 2013 R2 IN System.

When it comes into my knowledge I have notice that the entire purchased Item has been sold out or consumed totally, so it is not possible to reverse the (wrong) posted Purchase invoice for the necessary rectification.

What should we do now?

Kindly reply.

Savatage

Usually an accountant goes to the General Journals and makes journal entries to move the amounts from one account to the other. Is that not an option for you?

navuser1

Thanks for reply.

//assume the following figure
ITEM COST =100
VAT AMOUNT =10

Suppose if the posted purchase invoice were posted correctly then vat amount ( INR 10 ) would not be added with the inventory GL a/c ( INR 110 ).

Only 100 INR would hit the inventory account & 10 INR would hit the input vat account (recoverable).

Now i want to know the correct rectification process by which i can recover the lost vat amount without any problem.