applying a supplier credit payment when they have no bills outstanding

  • 1
  • Question
  • Updated 8 months ago
Hi,  
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
Photo of Frozen Fresh

Frozen Fresh

  • 190 Points 100 badge 2x thumb

Posted 8 months ago

  • 1
Photo of Glenda Veale

Glenda Veale

  • 2,598 Points 2k badge 2x thumb
Are you going to refund it? Then I would post to a sundry acc and pay the refund from there.
Photo of Frozen Fresh

Frozen Fresh

  • 190 Points 100 badge 2x thumb
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

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

    shazinoz2@bigpond.com

    www.accounted4bs.com


Photo of Frozen Fresh

Frozen Fresh

  • 190 Points 100 badge 2x thumb
Thanks, that worked beautifully.