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Assign credit note to uploaded bank statement transaction

Hi,

I’ve just started preparing a VAT return and I’ve hit a bit of an issue with an Invoice with a negative total from a supplier.

I’d already uploaded my bank statement which shows a refund from the supplier on the correct date (26th Feb), but when I entered the New Purchase it made its own duplicate entry in the bank account on the date of the credit note (22nd Feb).

The question I have is how do I “tag” an existing bank transaction as the refund from a credit note?

I’ve experimented a little bit and found the following limitations that I can’t work out a way around, but perhaps someone can tell me what I’m doing wrong here…

  • The bank transaction that Quickfile automatically creates for a Credit Note appears on the day specified in the “Credit Note Date”. However, my particular Invoice contains a refund and a purchase, but the net is negative. I don’t want to put the bank transaction date (26th Feb) in as the “Credit Note date” because that misrepresents the invoice issued date (22nd Feb).

  • The description of the automatically created transaction is different to the description on the statement, and it doesn’t look like I can change it. I want the description of the bank account transaction to match the actual statements from my bank.

Is there a way to do something similar to Invoices - i.e. “tag” an existing bank account transaction as the refund from a Credit Note, potentially on a different date to the invoice?

Thanks,

Mike

Ah, it looks like I can change the description of the bank account transaction, but it still appears on the Credit Note date (22nd) rather than the actual transaction date (26th), so I’d still like to find a solution to that…

Short answer - no. Longer answer - if you create a credit note against a paid-up invoice and hold the credit on account rather than refunding it there and then, you should be able to subsequently go into the unallocated payment and “refund balance” on a different date. But for an ad-hoc credit note (a negative value invoice) not derived from another invoice I’m not aware of any way to make the bank transaction a different date from the credit note date.

Thanks Ian.

Not quite the answer I was hoping for, but at least it means I can stop looking for a workaround :-).

As an aside I prefer things to fail safe, so I think it’s probably better to use the bank transaction date rather than the credit note “invoice date” (assuming there’s only one bank transaction and it’s not refunded in a split) - it means that if you re-upload the bank statement *.csv / *.qif file it will detect a duplicate transaction rather than blindly create another one because of the differing dates. If I can’t have a perfect audit trail for bank statements and credit notes I’d rather have the former than the latter…

Thanks again,

Mike

The whole credit note and credit account section needs rewriting as it doesn’t fit most use cases.

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