Greetings,
Best if I use a simple hypothetical sample below to explain my problem.
Purchase Invoice #1
Supplier : ABC LTD
Item : Leasehold Property A
Purchase Price: £100,000
Receipt Date : 19/03/2018
Payment Due : 18/03/2019
NOTE: Payment Terms: 10% Now
40% on 19/09/2018
50% on 18/03/2019
On 19/03/2018 £10,000 is paid from my company account to my solicitor to transfer to supplier.
On 19/09/2018 £45,000 is paid from my company account to my solicitor to transfer to supplier. (This should have been £40,000 (40%) so this was an overpayment of £5,000.)
On 23/09/2018 £ 5,000 is returned by my solicitor to my company account.
How do I recorded the returned £5,000 amount in quickfile?
Option 1: I can’t create a Credit Note against the invoice #1 as it would reduce the total invoice amount due by the credit amount.
Option 2: I can’t enter a negative payment against invoice #1 because Quickfile does not allow this.
Thanks for response but how can I tag the imported bank statement transactions to the purchase invoice? The payments seem to be created as I tag the bank statement transactions against the invoice. So I don’t see how I can just delete the £45,000 payment and create a new payment of £40,000 as then it would not match the imported bank statement. Maybe I’m misunderstanding.
I can tag the first two transactions to the Purchase Invoice #1.
However, when I tag the third (MONEY IN) transaction it won’t let me tag it to a Purchase Invoice.
When I tag the fourth transaction (final payment of £50,000 + £1,000 solicitor fees) it allows me to allocate £45,000 to Purchase Invoice #1 leaving £5,000 unallocated.
I can’t tag the third transaction (£5,000) to cancel out the unallocated amount above.
Your actual bank account has 45k out and 5 k, so net outlay is 40k. Now in QF you can delete 45k out and 5k in and record only 40k out to match over all effect to main bank account.
You can untag 45k from main bank and delete it or click on actual 45k payment link on invoice detach it and delete payment
If you feel you absolutely must keep your QuickFile record of your current account as a perfect mirror of your bank statement then the easiest thing to do is use another (dummy) bank account as a bridge - 45k from current account as a transfer to dummy account, 40k payment to supplier from the dummy account, then 5k transfer back the other way.
I want to avoid creating another dummy account so I’ve manually deleted and created the invoice payments to make them as I want. It has stopped some of the imported bank statement transaction from being tagged but I assume they don’t need to be tagged.
Everything should either be tagged or deleted entirely so that the balance (eventually) gets back in to sync. Anything left untagged would show up under the suspense account and affect you P&L report.
Just getting back to this. I’ve sorted it now so i tag all the payments including the overpayment to supplier before I was able to tag the earlier overpayment refund which quickfile was now able to do as it recognised the unallocated amount.