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?
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
0422 886 003