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Reason 2 - Pegasus Opera 2 Upgrade - Error correction in the Ledgers

Posted by Richard Common on 06-Aug-2016 11:00:00
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Simplify corrections in the ledgers

We all make mistakes, but we don’t want to spend lots of time correcting them. In Opera 3 Sales Ledger and Purchase Ledger, a user-friendly wizard allows you to easily correct mis-allocated transactions, and you can also remove the associated transactions, such as a Sales Receipt or a Purchase Payment. In Opera 3 Nominal Ledger, the Rectify feature allows you to re-post journals that may have been posted to the wrong account or date. What’s more, error correction functionality comes as standard when you upgrade from Opera 2 to Opera 3.

User-friendly Rectify wizards in Opera 3 provide a rapid process for correcting errors in the ledgers, which would otherwise be complicated and time-consuming.

Rectify Allocation in the Sales Ledger

Correct mistakes that may have been made when allocating receipts to invoices. If receipts have been allocated to the wrong invoices, posted to the wrong account or need to be removed because a cheque bounced, you can use the Rectify Allocation wizard to easily break the allocation link so that you can then re-allocate the receipt to the correct invoice(s); at the same time, you can also remove the associated monetary transaction(s), such as sales receipts. The Rectified Allocations report provides an audit trail of all rectified allocations, allowing you to reconcile discrepancies in the Sales Ledger Allocations report that may have been caused by rectifying an allocation.

Rectify Allocation in the Purchase Ledger

In the Purchase Ledger, you can correct mistakes that may have been made when allocating payments to invoices; payments may have been allocated to the wrong invoices, posted to the wrong account or need to be removed because a cheque bounced. With the Rectify Allocation wizard you can easily break the allocation link and re-allocate the payment to the correct invoice(s), and you can also remove the associated monetary transaction(s) such as a purchase payment at the same time.

Rectify journals in the Nominal Ledger

The Nominal Ledger Rectify feature is used to amend and re-post journals after they have been posted. For example, you may have posted a line, or the complete journal, to the wrong date or account. The Rectify feature will allow you to reverse such errors and re-post the journal. When an individual journal line is rectified, two new journal lines are posted using the same date and period as the original journal line. The first new journal line reverses the details on the original journal line using the same account, project or department. The second new journal line is posted using the new account, project or department. The original journal line is not changed; it remains on file so that a complete audit trail of journal details is retained. When an entire journal is rectified, a new journal is posted to the same period using reversed values. If you choose to post the journal again, the entire journal is posted again to a different period using the original account, project, department and values. The original journal is not removed; it remains on file for a complete audit trail.

Foreign Currency journals: Re-post with Modified Exchange Rate

When rectifying Foreign Currency journals, you can re-post them at a different exchange rate. The ‘Rectify the Complete Journal’ form has a new 'Re-Post with Modified Exchange Rate' option, which includes additional fields: Original Exchange Rate and New Exchange rate.

Re-post using the latest allocation percentages for Distribution Accounts

You can re-post a journal using the latest allocation percentages for Distribution Accounts. The Rectify the Complete Journal form includes a new 'Re-post using the latest allocation percentages for Distribution Accounts' option, for journals posted to Distribution Accounts.

Error correction functionality comes as standard with Pegasus Opera 3 Business Software.

Get the Full Document with many Pegasus Opera 2 Upgrade reasons:

Download the Full Reasons to Upgrade to Opera 3

 

Check out the related Blog Posts:

Reason 17 - Business Improvement Features

Reason 16 - Business Cloud

Reason 15 - HMRC VAT 100 Filing Online

Reason 14 - Stock take

Reason 13 - Landed Costs Reporting

Reason 12 - Landed Cost

Reason 11 - Timesheets via Web Xchange

Reason 10 - Payroll Self Service Web Xchange

Reason 9 - Web Xchange

Reason 8 - Scheduler & Notification Services

Reason 7 - Salary Sacrifice

Reason 6 - Email Payslips & HMRC P60

Reason 5 - Credit Management Reports

Reason 4 - Credit Management Centre

Reason 3 - Pegasus Opera 2 Upgrade - Open Period Accounting

Reasons to upgrade from Pegasus Opera 2 - Excel Output Reports

 

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Topics: Pegasus, Software, Opera 2 Upgrade

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