I find this system so hard to get to grips with hope someone can explain as I have read previous topics but I am still confused.
We overpaid a supplier so the system is showing the overpayment as a prepayment, when I tag the refund from the supplier in the bank it creates a credit note. This would be so simple on Sage as I would just allocate the two to each other but I can’t see a way of doing that. I have gone to show all payments and then refund but when I do that it duplicates the refund from the supplier. If I go to the bank and post the refund from the supplier from there it creates a credit note but still shows the prepayment. How do I do it?
Hello @Newbie2
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If there is and existing prepayment on the account you can go to View Payments > and refund the overpayment. This will make a bank entry for the refund. If you have a bank feed or import a bank statement be sure to delete the refund entry to avoid duplication.
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If there is no existing prepayment on the account you can tag the bank entry as a supplier refund and select the invoice you are refunding from and a credit will automatically be created and allocated to the refund you are tagging.
Just to clarify “We overpaid a supplier so the system is showing the overpayment as a prepayment” how was this processed?
It was done over two payments so I allocated each payment against the relevant invoice and left the balance unallocated on the account.
We do have a bank feed, thats why I couldn’t understand how to do it as it duplicated the bank transaction. So as I understand it from your reply I need to do as I did with view payments etc but then I need to delete the manual bank transactions this will create?
Hello @Newbie2
Yes, thats correct.
To Refund an existing prepayment on the account you can:
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Go to View Payments > Select the overpayment. > Refund Balance.
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This will make a bank entry for the refund.
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As you have a bank feed be sure to delete the refund entry to avoid duplication.
Ok yes I see what you mean I was deleting the manual bank transaction which was deleting the whole transaction!
Hello @Newbie2
Yes, go into the banking screen and delete the bank feed transaction as it will be replaced by the one from refunding the prepayment.
How do you view payments if you havent linked bank account?
How do you manually introduce receipt of payments in the bank account?
How do you show receipt of VAT from HMRC or payment of VAT from HMRC?
Hello @ozana
How do you view payments if you haven’t linked bank account?
If they have not been linked to a bank account how were the payments entered?
How do you manually introduce receipt of payments in the bank account?
In the banking screen you can manually add transactions rather than them coming from a feed or imported statement
- View the banking screen
- View an account
- Click “New Transaction”
- Enter the date, Reference, Amount and select Money in or Money out > Save
An untagged transaction will then show I the bank for you to tag.
How do you show receipt of VAT from HMRC or payment of VAT from HMRC?
- Enter the transaction in the bank for either from the method above or a bank feed or by importing a bank statement)
- Click Tag Me
- Select Tax Payment or Tax Refund
- Select VAT
- Save
(The wording shown may differ to the example below)
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