Correct an Invoice

USA Discussion in 'General Accountancy Discussion' started by roxanna9, Jul 12, 2018.

  1. roxanna9

    roxanna9

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    An invoice dated 4/5/18 ( past quarter) was created listing one item with wrong price. We do not charge sales tax. How can i correct it? since, by simply changing the price on this invoice I will change also the total of gross sales amount of that quarter and this amount will not match with the amount submitted on the ST-50 form (Sales Tax NJ). What is the better way to correct it? Thank you for your help
     
    roxanna9, Jul 12, 2018
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  2. roxanna9

    Steve-LevelUp VIP Member

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    Correct it in the current quarter and explain to the customer the error. Just record the incremental price (or a credit) as necessary.
     
    Steve-LevelUp, Jul 12, 2018
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  3. roxanna9

    ladyrider

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    Yes do not go back to change prior periods that were already sent in - it would just be a credit in the current period and of course the invoice re-sent to the customer. But I'm confused, if you don't charge sales tax why are you filing a sales tax return? In AZ if a business doesn't collect sales tax they don't obtain a sales tax # and therefore no forms need to be filed.
     
    ladyrider, Jul 12, 2018
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  4. roxanna9

    Victor Shah

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    yes. You can charge incremental Invoice/Credit Note, as the case may be, in the current date and explain that to client about incremental invoice. You do not need to change the previous quarter.
     
    Victor Shah, Jul 13, 2018
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  5. roxanna9

    roxanna9

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    Thank to all of you for your answers. Then, I will create a credit memo and on it I can not list the product with the amount to discount, because it will affect the inventory ( since the customer is not returning the product). I think I must enter a discount ( as an item) and add the total of the credit and a brief explanation. Is it this enough? Thank you
     
    roxanna9, Jul 15, 2018
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  6. roxanna9

    Victor Shah

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    Roxanna,

    You're welcome. Yes, enter Discount as a line item with the total adjustment amount. Brief it with an explanation and that will do your job. I hope this helps you!
     
    Victor Shah, Jul 16, 2018
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  7. roxanna9

    BrisbaneInvestmentGuy

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    Oh this is gold!
     
    BrisbaneInvestmentGuy, Jul 18, 2018
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