How to process supplier refund? - Reckon One
vrrr
Member Posts: 4 Novice Member 
Can somebody please assist with this scenario:
I paid a workcover invoice to Xchanging last year and I've accounted for this entry as an Insurance Expense subject to GST.
I then since realised that I didn't have to pay the annual premium so they issued a refund. The refund is in my bank transaction list after performing a bank file import.
How do I go about receipting this money?
Do I set up a 'sundry income' account with GST and treat it as income? This would balance the GST input credit I received when paying the invoice and treat the refund I received as a GST payable income. I would need to set up Xchanging as a customer if I do this option (they are currently only a supplier).
I don't have any invoices addons and the help topics I've searched for seem to indicate I do a supplier credit note but I don't have that option in the base model of Recon One.
I paid a workcover invoice to Xchanging last year and I've accounted for this entry as an Insurance Expense subject to GST.
I then since realised that I didn't have to pay the annual premium so they issued a refund. The refund is in my bank transaction list after performing a bank file import.
How do I go about receipting this money?
Do I set up a 'sundry income' account with GST and treat it as income? This would balance the GST input credit I received when paying the invoice and treat the refund I received as a GST payable income. I would need to set up Xchanging as a customer if I do this option (they are currently only a supplier).
I don't have any invoices addons and the help topics I've searched for seem to indicate I do a supplier credit note but I don't have that option in the base model of Recon One.
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Comments
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However you enter it it needs to go back against the expense account with the same tax code as the expense. In Reckon hosted I would simply do a journal entry, but I realise this is Reckon One and I donβt use that. Hopefully someone who does will help you0
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As Kris said. Use a journal and code it CR to the expense account with gst and DR your bank account. It is not income it's a reduction of expense.0
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Thank you for your reply. I think I will leave this transaction for my bookkeeper to login and change.
What's a little confusing is what to do with the entry in the bank transaction list. After the journal entry is made (with the CR and DR), do you just click on the cross in the bank transaction list (for that particular deposit) to remove it from the imported bank transaction items?0 -
1. go into your contacts and change Xchanging to both supplier and customer.
2. go into your bank transactions and receipt this amount as a sundry or miscellaneous income. It should be coded as GST
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