Entering negative adjustments on an invoice

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  • Updated 2 years ago
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In Reckon One, is there a facility to enter an expense in an invoice to show a reduced amount of the invoice?  For example, the sale of livestock is the gross amount of the sale, then the selling agent deducts selling costs, marketing, freight etc before remitting the net amount to the client.  There doesn't seem to be a way to enter an expense onto an invoice to show a reduced amount of the invoice that would be expected on the bank feed.
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Amy Martell

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  • frustrated with the limitations of invoicing in Reckon One

Posted 4 years ago

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Hi Amy 

Yes there is, on the invoice enter sale as usual with item number, then next line use the "account" not the "item" , chose the account i.e agent costs  or freight etc, type description i.e less agent costs and in the amount enter minus figure i.e -25.00 ... go to next line and repeat for freight etc.

Kim:  0429 305300  e: kim@kwikbooks.com.au
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Tim Spillman

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Kim, negatives cannot be entered on invoices. I guess that's an oversight like many other things.
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Tim Spillman

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lol, your right, i accidentally logged into the silverlight version in which you can not enter negative numbers on invoices.
(Edited)
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Tim Spillman

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I guess the OP must of done the same.
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Tim Spillman

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stock agent would be supplying an tax invoice for their services? So the correct way to account for this would be a tax invoice to them, a bill from them and allow AR & AP accounts to track their balance.

If your dealing with GST on the services, I think that is the only way to deal with it however money not changing hands will make bank transactions not match up.

Another work around would be Invoice the full amount not less their fees (eg $2500), 'Receive Payment' on Invoice (eg $2500 - $500 for services) select 'use balance of selected items' > tick Debtors/Creditors & Cash Receipt in the Cash Receipts section select Expense Account enter the amount -$500.00

That should give you a rough idea.
Even thought I just did a -invoice, what about using a credit adjustment, invoice the full amount then raise a credit for agent fees to the agent exp account and freight etc. then apply the credit adj.
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Tim Spillman

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credit adjustment will not align the expense to an expense account.
I just did a credit adjustment using bank charges, I called up the credit adjustment, used an existing customer, used account bank charges, description agent fees $100 and it saved the credit adjustment to bank charges.  It should do the same for all expense accounts set up.
Hi Amy

Hang in there we will get this sorted for you :)
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Robyn Kelly (Partner), Accredited Partner

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What tax code are you using for the expense as this is where I think the problem is? It is not possible at the moment to do this transaction properly to appear on the BAS correctly.

I have reported this to Reckon.

Regards Robyn Kelly
Invoices will never take NCG the work around is GST as I told Amy, reports at 1A on bas as a credit, but still has same effect of reducing the amount owed to ATO
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Jodie

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Hi I have tried putting negative in invoice but it will not let me says amount must be greater than 0, using reckon one Thanks