Pardon my inexperience in accounting but I will try my best to explain my scenario. I have a few suppliers whom allow me discount for prompt payment. Over the course of the month I enter the discounted value so that the month end has the correct amount owed however I notice (obviously due to rounding differences) that regularly my figure could sometimes be up to 5-6p more or less than that of the customers statement. If I write my cheque for the statement amount how do I keep my accounts correct as I do not want 5-6p’s oll over my supplier accounts.
I’d just adjust one of the purchase invoices in QuickFile with an extra plus or minus line for the differences. As long as the total amount matches the paperwork and (if you’re VAT registered) all the VAT is attributed to the correct quarter so you’re never claiming back more than you have paid then you should be fine if you’re ever inspected.
Ok no problem. On a previous package I used you could just write off the difference when allocating the payments. I couldnt figure how QF handled it.
What category would I put the differnces into? I already have the invoice amount as Purchases, the discount line as ‘Discount Taken’ so what would I put this next value under?
Put it under the same discounts taken, as you’re using this line to correct the discount amount to match your statement.
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