If you are looking to hold a credit on account for a client or supplier there are two methods you can use to achieve this.
Method 1
Enter the original invoice that was credited first and then issue a credit note against that invoice. When you credit note an existing invoice you will have the option to hold the funds on account. This method fills in the blanks by telling Quick File where the credit originated from.
When credit noting from an original invoice you will see the following option.
Method 2
In the bank management area create a new account and call it “Opening credits”. This will act as a container for all your opening credits.
Now locate the client or supplier you wish to issue a credit. Click on “More Options” and select “New Prepayment”. Click on this and add the credit to the “Opening Credits” account you created previously.
Please note: take care when entering the date for the credit that it corresponds to when the credit was issued.
Conclusion
Either of the two methods are a valid way to enter opening credits for clients and suppliers. Method 1 provides a more detailed audit trail of where the credit originated from whereas method 2 is quicker and suitable for businesses that have a large number of credits to manually enter.