Hi,
I purchased a mobile phone online for the company from a Supplier I’ve set up in the system, so paid in advance. Now the supplier has failed to deliver and I’ve cancelled the order, and I’m waiting for the refund.
How do I log this in Quickfile?
Currently it’s showing as a Paid Purchase, and therefore also appears on the Balance Sheet under Office Equipment, even though the item was never delivered.
Should I have dealt with this in a different way?
Hello @MAMS005
You would record a credit note from the original invoice when you receive the refund
The credit will reverse the invoice and the refund will reverse the payment
Ok, thanks Steve, but how do I log that the Asset doesn’t really exist, and/or that the refund is expected?
Hello @MAMS005
Nothing will happen with it until there is a counteracting transaction.
You could move the value to another code if you wish but then the alternate code balance will be incorrect.
The alternative would be to just delete the “purchase” record you’ve created, but leave the payment assigned to the supplier but not allocated to any invoice. This way your balance sheet won’t show the asset code as you had specified on the purchase. The money will still exist on your balance sheet as part of the creditors control account - when you receive the refund you would need to go to the original unallocated payment and use the “refund balance” option to move the money back from creditors control into your bank account.
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