we have a supplier with a credit on their account they have decided to pay this how do I reconcil th

Val

Kris_Williams

Make deposit, to Accounts Payable, and put supplier name in the Received from .....

Val

Hi Kris not sure how you do this as in  make deposits the accounts payable does not show in the deposit to drop down list?

Acctd4

Hi Val

 

Is the credit already reflected in RAH?

Depending on how the credit has occurred (eg overpayment v Credit/Adjustment Note) if you’ve not already done so, you may also need to enter a Bill Credit in order to ensure the expense/COGS – along with any GST - is reversed.

 

Shaz Hughes Dip(Fin) ACQ NSW, MICB

Reckon Accredited Professional Partner Bookkeeper / Registered BAS Agent (No: 92314 015)

Accounted 4 Bookkeeping Services

Ballajura, WA

0422 886 003

shazinoz2@bigpond.com

www.accounted4bs.com

Val

Hi Shaz,
The credit occured due to the supplier issuing us with a credit that was more than the amount that we owed them. So the difference has been sitting on their account for a while so they have now paid us the amount so I need to apply it to the credit in their account.

Kris_Williams

The deposit to account is the bank, accounts payable is the account, but you need to take Shaz’s advice onboard

Val

Thanks Kris

Acctd4

Hi Val

 

If you enter the Credit Note you received from the Supplier (in the “Enter Bills” window but select Credit), using the applicable/same details (eg Items/Accounts) this will reflect as an outstanding Credit in your Accounts Payable.  In order to offset it, you need to enter the refund payment via Make Deposit.

The “Deposit to” is still your normal bank account (where the payment is received into). 

Accounts Payable is what you need to select in the “From Account” (along with the applicable Supplier Name in the “Received From”)

This Deposit will then appear in your list of Bills in Pay Bills, allowing you to allocate the existing Bill Credit to it.

 

Shaz Hughes Dip(Fin) ACQ NSW, MICB

Reckon Accredited Professional Partner Bookkeeper / Registered BAS Agent (No: 92314 015)

Accounted 4 Bookkeeping Services

Ballajura, WA

0422 886 003

shazinoz2@bigpond.com

www.accounted4bs.com

Val

Hi Shaz,

So are you saying I need to enter a bill for the supplier, for this amount, to cancel out the credit that is sitting in the suppliers account  as well as depositing the payment into the accounts payable account?

Val

Ok sorry just received your reply, so no I dont have to enter a bill, thanks for your help.