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cancel old bill

Rebecca_6470826

Hi,

Over a year ago we received a bill for $1250 from a supplier for some advertising signage we wanted. I entered the bill like normal, and paid $250 as a deposit. A year later and the supplier has said they can't do our job and has refunded me the $250.

The open Bill over the last year has been bothering me and I just want to see it cancelled. How do I do this correctly?

My guesses???...
Enter a credit from the supplier for $1000.
Enter a second credit from the supplier for $250.
Deposit the refund of $250

I just don't know how it will all line up, I want the end result to be $0!

Thanks

Comments

Mirko

Hey Rebecca, this might be best to have your Accountant deal with a Journal entry.

Kwikbooks (Professional Partner)

Hi Rebecca

Yes you are on the right track just one more step - you raise the credit for $1250, when you do the deposit use the supplier name in the 'name' column - the 'account' is Accounts Payable, the amount of course is the $250 refund....then go to paybills, you will see the $250 (deposit) as a bill, click on the bill, then apply credit of $250.

Kim M: 0429 305300 E: kim@kwikbooks.com.au