No option to hold supplier credit on account

[tc5440]

Hi, I am trying to enter a supplier credit with they applied within an invoice. The credit is for more than the invoice so I want to hold the funds on account but when I get the option box to pay I do not get an option to Hold funds on supplier account.

I have searched the posts and this one shows the “Hold funds on supplier account” option that I do not get.

Supplier Credit Note - to hold on account

Hi, I wonder if you will be able to help. My client originally paid for an invoice personally when she started her company. The invoice has been input onto quickfile and the payment has been allocated to her director loan account. She has now received a credit note for this invoice which will be paid back in 4 instalments. I have clicked on the original invoice and raised a credit note. However, when I click on the option to hold on account it creates a payment from her directors loan acco…

Any ideas?

[ian_roberts]

To hold funds on account the credit note must have been created from an existing paid purchase - if you create an ad hoc credit note by just entering a negative value purchase from scratch then you only get the refund option, and if you attempt to credit against an unpaid purchase then the only option is to reduce the unpaid balance.

[FolkLondon]

Does the credit note entirely cover money that you have paid or are they giving you some extra credit against future purchases?

[tc5440]

Yes they are providing extra credit so the value is greater than the invoice.

[ian_roberts]

A workaround to hold credit on account for an ad hoc credit note is to refund to a spare bank account (e.g. drawings or director loan) then immediately create a new prepayment of the same amount from the same account to the same supplier.

[tc5440]

Thanks but the problem is that they have made the credit on an invoice so I effectively have a negative value invoice. I cannot reflect this in a credit note or an invoice alone. If I create an invoice for the billed +ve amount I do not have transaction in the bank account to reflect either the invoiced amounts or the remaining credit balance.

[ian_roberts]

I’d just create one single multi-line purchase invoice to replicate the plus and minus lines on their document. If the overall total is negative then QuickFile will consider it a credit note, and you can do what I suggested above of saving the credit note as a refund to a virtual bank account like drawings and then immediately create a manual money out transaction on the same account, tag as payment to a supplier, “pay down multiple invoices…” and leave it unallocated. This will then show as a credit balance on the supplier account which you can offset against future purchases.