Some of my suppliers offer reward (loyalty) points, which can later be used towards new purchases.
Two questions if I may…
• Having part-paid for goods via Reward Points, and the balance paid via Bank Transfer, how then do I specify the ‘Pay Method’ within QuickFile?
Because it seems I can’t add additional ‘methods of payment’ to the exiting drop-down list.
• Also, is there a way of recording Reward Points or Credits against individual supplier profiles, thus allowing one to first use such points / credits for payments?
Create a partial credit note against the invoice once it’s been raised. This would reduce the balance, and you could even credit a new nominal code like “Loyalty Credit” or similar.
Add a second line to the invoice, again this could be a new nominal, and record it as a negative value.
This is a bit more tricky as you can only record monetary values against a supplier. You can either add it as a prepayment, or through a credit note (negative invoice).
You could, in theory, create a dummy bank account called “Supplier Loyalty Credit”, and add prepayments from this account. However, this would leave you with a negative bank balance, which you would like need to reduce somehow (e.g. through a journal).
Personally, out of the options, I would go with the negative invoice line as and when the points are used. But this is a public forum, so there may well be another way I haven’t thought of, that someone may mention.