Dear all,
I made US dollar payment for buying something. Later I cancelled the order and got refunded more (due currency distortion) than what went thru my bank when I bought. I am wondering how do I account this for. In the banking section of the quickfile there is an option to Tag as ‘refund from supplier’ but I don’t get the right entry to tag, possibly due to differing amount.
Can someone help me our please.
Many thanks,
Solar
It wouldn’t be possible to do this from bank tagging.
Instead open the new purchase screen and enter a negative purchase with 2 lines, one being for the currency gain:
The following assumes an original purchase of £120 and an extra £1.48 in currency appreciation.
When you save this it will prompt you for a bank account to pay the refund to. This will create a duplicate entry, so all you need to do is go back to the bank and remove the original untagged entry.
Thanks Glenn. Did that but just wondering whenever I import bank feeds, I would have to delete that transaction. Right?
If this transaction comes in from a bank feed, yes you’d need to delete it as it’s already accounted for. Creating the credit note as per my instructions places a receipt on the bank, you need to just make sure the feed doesn’t duplicate it.
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