We’ve got a fixed asset purchased for 992.17 in December 2013. We received a partial refund of 143.80 for a faulty component of the asset in May 2014.
I created a credit note and associated it with the original purchase order and current account refund transaction.
I need to “fix” the value of the asset in the Office Equipment account, but I don’t know (and can’t find) what nominal account entries the credit note has created automatically, so I’m not sure where the fixed asset credit should be balanced from.
What account entries do I need to put in a journal for this, can anyone help?
Has the credit note not done this already? Check the nominal ledger for the office equipment account (from the chart of accounts, expand the assets and liabilities section and click the magnifying glass next to the relevant account) and it should show a credit entry for the right amount with a link to the credit note.