applying a supplier credit payment when they have no bills outstanding
We have a supplier we no longer trade with and have received a bank payment for an outstanding credit they had with us.
How do I apply this in reckon Hosted?
Thanks
Comments
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Are you going to refund it? Then I would post to a sundry acc and pay the refund from there.0
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Hi,
It's a credit we recieved from a supplier. We have stopped buying from them so the paid the outstanding credit amount to us.
Thanks
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Hi Frozen fresh
You need to enter a Deposit (“Received from” the same Supplier) posting to your “Accounts Payable” account. Enter/select as applicable for other columns including Memo in both Memo fields (eg “Credit Refund for ..…”)
This places the “Deposit” in the Bills list in your Pay Bills window for you to apply the Credit against.
- Go to Pay Bills
- Tick the Deposit in the list
- Click on the “Set Credits” button (above “Payment Date”) & then “Done” to confirm in the allocation window
- Make the “Payment Date” as per the Refund received date then click on “Pay Selected Bills”
NB: Due to a long-term glitch, the Deposit won’t automatically show in your Supplier’s transactions as the payee name drops out on stand-alone Deposits.
To correct this, simply go to your Bank Account register & enter/select the Supplier name in the Payee column & save/record the transaction.
When you go back to your Supplier Centre, this Deposit will now show in their transaction list.
This process ensures the:
GST credit is correctly accounted for
actual refund received is recorded &
existing credit is cleared
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
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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Thanks, that worked beautifully.1
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