How to deal with refunds & purchases on trade credit accounts?

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1

Hi

I have a trade credit account with a supplier.
Payment is due every 30th of the month.

If i buy something on 1st of month, and it sits on my trade account and not paid, whats the correct way to deal with this?
So i leave it as unpaid, then at the end of the month when i pay a lump sum of all due invoices, allocate it to each one?

The refunds are where im struggling.

If i return something, and the amount gets credited to my account, if i try and tag it from my receipt hub, it doesnt look to offer the correct options?
It wants to allocate it to an invoice, but as the invoices havent been paid, they dont show up?
Or offers a refund to bank, which is also incorrect.

What do i do with it?

2

Hello @adnw

So i leave it as unpaid, then at the end of the month when i pay a lump sum of all due invoices, allocate it to each one?

Yes that would work fine.

If i return something, and the amount gets credited to my account

If you are wanting to credit off an existing invoice where no money has changed hands (the invoice is still outstanding)

  • View the invoice
  • More Options
  • Credit Note

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  • If the value of the credit different from the amount of the invoice your can edit the values on this screen
  • Save Details
  • Click Save on the confirmation message

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3

Thanks.
This isnt how the credits work.

If i purchase some items i get an invoice…
Item a £20.
Item b £30.
Total invoice £50.

This invoice sits on my account.

If i return item b, they produce another invoice with
Item b £-30.
This then sits on my account as a totally seperate invoice.

At the end of the month i then choose to pay both seperate invoices.
Thet are treated as two totally seperate invoices, not a credit from one.

If i upload the 2nd invoice to my receipts hub, how can i tag it?

4

That might be how the supplier shows it on your account with them, but the way you treat it in QuickFile is as a credit note against the invoice on which you originally purchased the “b” that you subsequently returned.

You have to create the credit note by deriving it from the original purchase as there’s no actual cash refund, but you’d still set the date to match the credit note “invoice” from the supplier. And you can send the supplier document to your receipt hub as normal, enter the amount as -30 and it should offer the credit note to attach the document.

5

great thanks, ill try that

6

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