Supplier Credit/Refund - Reckon Accounts Enterprise 2019

Charlene
Charlene Member Posts: 27
In April 2019 we entered a supplier credit (as a bill) into QuickBooks. In August 2019 we received the funds in our bank (totalling the credit amount). What do we do to offset the credit without making changes to credit entry dated in April (as per screenshot)?
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Comments

  • Linda ABC
    Linda ABC Accredited Partner Posts: 1,131 Accredited Partner Accredited Partner
    edited June 2020
    You need to go to Make Deposits - put in the bank that the funds came back into - and the date they came in (August 2019) - then in the Make Deposits window - for name put the suppliers name - and the From Account - put your Accounts Payable account - then the amount of 223.15.  Save this.
    Now go to Pay Bills - and you will see the deposit entry of $223.15 there - and you can then click on this and apply the Credit that you raised in April 2019. Cheers Linda
  • Charlene
    Charlene Member Posts: 27
    edited July 2020

    WOW thank you so much Linda! :)
  • Acctd4
    Acctd4 Accredited Partner Posts: 3,366 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited July 2020

    Hi Charlene

     

    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!)
  • Charlene
    Charlene Member Posts: 27
    edited July 2020
    Thank you very much Shaz