applying a supplier credit payment when they have no bills outstanding

Frozen Fresh
Frozen Fresh Member Posts: 10
edited September 2019 in Accounts Hosted
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

Comments

  • glendaveale
    glendaveale Member Posts: 176 ✭✭
    edited September 2019
    Are you going to refund it? Then I would post to a sundry acc and pay the refund from there.
  • Frozen Fresh
    Frozen Fresh Member Posts: 10
    edited September 2019
    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
  • Acctd4
    Acctd4 Accredited Partner Posts: 3,366 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited September 2019

    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


    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

    shaz@accounted4.com.au

    https://accounted4.com.au

    (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!)
  • Frozen Fresh
    Frozen Fresh Member Posts: 10
    edited September 2019
    Thanks, that worked beautifully.