Overpaid supplier invoice - process refund from supplier
Peter_6481025
Member Posts: 14 ✭
A staff member overpaid a supplier invoice. The supplier invoice was for $130, and the staff member performed a EFT of $1300. I have since got the supplier to refund the difference of $1170 into our bank account, but unsure how to process this.
Additionally, when the payment was recorded in Reckon, the staff member recorded that $130 was paid. I am assuming I need to amend that amount to reflect the actual amount that was transferred from our bank account (i.e. $1300) so a credit will be present in Reckon against the supplier.
In order to clear this up in Reckon, do I :
BANKING > MAKE DEPOSITS
Then select the SUPPLIER from "RECEIVED FROM" , choose "EFT" as PAYMENT METHOD - and then select "ACCOUNTS PAYABLE" from the drop down menu "FROM ACCOUNT"?
Any assistance would be greatly appreciated.
[Reckon Accounts Premier: Retail Edition 2014]
Pete
Additionally, when the payment was recorded in Reckon, the staff member recorded that $130 was paid. I am assuming I need to amend that amount to reflect the actual amount that was transferred from our bank account (i.e. $1300) so a credit will be present in Reckon against the supplier.
In order to clear this up in Reckon, do I :
BANKING > MAKE DEPOSITS
Then select the SUPPLIER from "RECEIVED FROM" , choose "EFT" as PAYMENT METHOD - and then select "ACCOUNTS PAYABLE" from the drop down menu "FROM ACCOUNT"?
Any assistance would be greatly appreciated.
[Reckon Accounts Premier: Retail Edition 2014]
Pete
0
Comments
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Waiting for a response, I performed the above procedure which made everything balance.
1 -
Great to hear all has balanced on a Software end Peter. If you are ever unsure, and need advise about the Accounting-Bookkeeping side of things, and how they may impact Taxation/Accountancy practices it's always best (required actually, as per new taxation advise laws) to seek out support from a tax professional. ^Mirko
2
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