Hi
Been with QF for a year and really struggle with credit notes. I have found weird workarounds for many, which i am not sure are right. However i have had a credit from a new supplier. We paid his invoice immediately as it was a proforma, but then had to cancel the order. They repaid us, therefore showing as a ‘Money in’ on our bank account. However i can’t ‘tag’ it in the bank feeds as there is no outstanding invoice (as it was paid). If i do a manual credit I have to input that it is being repaid to the current account, therefore shows as ‘money in’ again… what am i doing wrong?
You’re not doing anything wrong, as you have discovered Quickfile isn’t great for credit note handling. I’ve been using it for around 6 or 7 years and I still can’t get my head round it, it’s illogical so there’s always an issue at the end of months that have credit notes.
The official way is to create the new transaction via the credit note and delete the original transaction. It’s technically wrong, but that’s the way it’s done and everything tallies at the end still (if you’ve entered it correctly).
In QuickFile a “credit note” means a negative value invoice/purchase - there’s no credit in this case because the supplier never invoiced you, they’re simply returning money that you paid them which it later turned out you didn’t owe.
If you had already tagged the original payment as “payment to a supplier” without attaching it to a purchase (so it shows as a prepayment on the supplier’s account) then the way to record the refund is to find the original payment record (either via “view all payments” on the supplier’s overview page, or by clicking the “this payment …” link in the popup on the tagged transaction) and use the “refund balance” button at the top.
If you mistakenly created a purchase record from the pro forma then you should be able to tag the refund as such and it’ll create a credit note to cancel the original purchase.
Or just delete the original purchase altogether and untag the payment transaction, then you can just tag the money out as a bank transfer to somewhere like drawings or director’s loan and the money in as a transfer back the other way - this is fine too as the overall effect is zero.
This topic was automatically closed after 14 days. New replies are no longer allowed.