Throughout the month I have received invoices and credit notes from a supplier to do with purchases. I have inputted all credit notes and purchases to the supplier account and want to pay this off. When I look at outstanding purchases it does not show the credit notes so I am unsure whether these are included or not in my outstanding balance. Could you let me know how I can work this out and how to reconcile my outstanding purchase balance I have paid through the bank.
When you processed the refunds, where these against invoices already on account or did you process a bank refund with them?
I processed these as a separate refund. I uploaded the credit note on receipts and then inputted it that way.
Since you have processed the credits as separate refunds there isn’t a report that will easily show you the outstanding balance. I am assuming that you have a holding account for these refunds if you haven’t yet received the actual refund?
Since the refunds aren’t held on the account QuickFile doesn’t register these as still owing. You would have to manually work out the difference in the total invoices less what you have in your holding account for the credits.
Or more simply, use the balance on the holding account to part-pay the invoices, then the remaining outstanding balance will be what you actually owe to the supplier.
Yes, that would work too!
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