We have an credit note outstanding on a suppliers account that they have now refunded us the money.
How do I post this to allocate it against the credit note?
Thanks
We have an credit note outstanding on a suppliers account that they have now refunded us the money.
How do I post this to allocate it against the credit note?
Thanks
Go to Bank - Supplier Refund - and process the credit note with the appropriate receipt date into your bank account
Hi. I am using an old version of sage that does not have a supplier refund section
Hi Alison,
I'm going to assume you're working with the Standard VAT scheme.
To refund the invoice you'd post a credit note with the same details and tax code as the invoice.
To cancel the payment and show a refund, you'd post a supplier invoice to nominal code 9999 (mispostings) on a T9 tax code. You will then be able to allocate this to the credit note to clear the balance from the suppliers account.
Once you've done this, you post a Bank Receipt to nominal code 9999 on a T9 tax code. This will clear the balance from the mispostings account and puts the money in to the bank account.
**If you're working with VAT Cash Accounting, then you'd enter all transactions with same tax code that was on the original invoice.**
Make sure you enter all transactions with the date of the refund.
I hope this helps.
Kind regards,
Rachael
Hi Rachael, thank you so much for this. All done.
*Community Hub is the new name for Sage City