Supplier Statement in Credit, how to carry it over to next month's statement in Clearing Account
Hi there,
Hopefully this topic hasn't already been covered, as I'm not sure how to word it so that it's easily understandable!
We have an accounting sort of Co-op/Society by which we pay all the statements normally issued by our suppliers in one combined statement at the end of each month (suppliers like Bursons, Repco, and all other businesses that are suppliers in their co-op).
One of the suppliers was in credit last month as we'd return parts to them, and so I paid the Co-op/Society's statement, however I cannot make it reconcile with the figures in Reckon because I cannot reflect that credit amount towards the payment. Once you Pay Bills, even if the credit is sitting there, how does it get applied when I "pay" the statement in a Clearing Account in Reckon Accounts Accounting.
Further info: Our bookkeeper has it set up that we "pay" the statement in a Clearing Account (set up as a Bank in Chart of Accounts), and then "pay" into that Clearing Account with our banking account. Whereas in reality we pay the statement directly of course.
Anyway, just wanting to work it out correctly how to "pay" that statement with those credits applied so that the balance at the end of that month is zero again in the clearing account. Hope this makes sense! 🤔😅
Comments
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Did you enter the Bill Credit you should have received from that Supplier as a result of returning the parts?
When you are in Pay Bills & you click on a Supplier's Bill, any Credit amounts available under that Supplier will show in the bottom half of the screen & you can click on the Set Credit button to apply to whichever Bill you have selected (ticked)
Shaz Hughes Dip(Fin) ACQ NSW, MICB
*** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***
* Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *
Accounted 4 Bookkeeping Services
Ballajura, WA
(NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
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did you get a solution to this?
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Thanks @Acctd4 for your comment. However, I do know about that process and do it all the tine.
This situation is a different, and perhaps trickier...
So no, @Tilley I don’t have an answer yet!😔
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@Carlee I'm not clear on what the issue is as what I've described above is based on the info detailed in your initial query.
The balance of the Statement should be the same as the Clearing Account balance each month with the Bills paid "out" of there & net Clearing Chqs "paid" into there to reflect the bills v payments/credits. Providing this is done consistently (& the opening & closing account balances are checked/confirmed in line with the monthly Statement), this process works. Has this credit been applied on the monthly Statement or not? You should only allocate it in the month the Statement reflects it.
Shaz Hughes Dip(Fin) ACQ NSW, MICB
*** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***
* Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *
Accounted 4 Bookkeeping Services
Ballajura, WA
(NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
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@Acctd4 thank you for your reply, will attach a photo of Pay Bills that hopefully will explain part of my issue.
It is primarily because I cannot include the credit of Bursons (I have applied the $725.80 credit first, but when $296.70 credit is applied against all the other invoices, as in photo - there is now a $44.53CR for the month). So I am unable then to apply the $44.53CR of Bursons' account to any payment, right?
Consequently when I go to "pay" the Capricorn account with the Bank Account, the credit will not be able to be selected or reflected in this payment... or do I adjust it somewhere, like manually change the amount I am paying from the bank account into the Capricorn clearing account so that it equals the statement amount?
Hope this makes sense...
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How have theses Credits been applied on the Capricorn Statement? That is how you need to apply them here. It may be that not all of the Credits have been allocated on the Statement yet which means you do the same & just leave them sitting there until they are allocated. The payment of the actual Statement to Capricorn doesn't reflect any Bills or Credits because that is all done here - The Capricorn payment amount (the stand-alone Chq between your bank account & the Capricorn clearing bank account) should just equal the actual amount you paid them out of your bank account..
Shaz Hughes Dip(Fin) ACQ NSW, MICB
*** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***
* Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *
Accounted 4 Bookkeeping Services
Ballajura, WA
(NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
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Ok so I pay the Capricorn clearing account with the bank account with the same amount that is on the Capricorn statement owing, and even if that statement month is in credit by $44 on the Reckon Capricorn clearing account it will balance out the following month?
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Do you have a solution Now?
I did a quick maths on your screen print and it seems you have more credits than money owing, if so agree with others could be suppliers statement hasnt taken up credits as you have allocated them yet. Could you get a runnning statement from the supplier?
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@Carlee IF that reflects the Statement (eg if all Credits have not yet been applied on there), then yes.
(Technically, it should clear to $ 0 each time BUT only if ALL payment/credits are allocated against ALL bills on that month's Statement - If not, then yes, they should carry over to be allocated as per a subsequent Statement)
Shaz Hughes Dip(Fin) ACQ NSW, MICB
*** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***
* Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *
Accounted 4 Bookkeeping Services
Ballajura, WA
(NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
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@Tilley @Acctd4 thank you both, I have my answer! 😄👏
Thank you @Acctd4 that is reassuring that I’m doing the right thing. 😊
@Tilley - the Capricorn statement has a running statement as well each month included on their statement, however being able to correctly reflect what is paid and balance it is a little tricky when you have these credits occasionally.
2
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