I am not a professional accountant, however, I am using Peachtree Accounting 2004 to maintain finances of our Homeowners Association. Three years ago I made a very typical, I believe, mistake: I failed to void and then re-issue with a new date a few old invoices before I closed the books for the year. Since then these invoices are present in all our reports, although some of the homeowners to whome they had been issued have already left the association and this money cannot be recovered anyway. In other cases I had to issue new invoices to properly account for the late payments, yet the original invoices are still present in the system.
Can anybody help me out here?
I am not a professional accountant, however, I am using Peachtree Accounting 2004 to maintain finances of our Homeowners Association. Three years ago I made a very typical, I believe, mistake: I failed to void and then re-issue with a new date a few old invoices before I closed the books for the year. Since then these invoices are present in all our reports, although some of the homeowners to whome they had been issued have already left the association and this money cannot be recovered anyway. In other cases I had to issue new invoices to properly account for the late payments, yet the original invoices are still present in the system.
Any advice?