I find supplier credit notes are a the single most awkward area of day to day transactions I’ve come across in Quickfile, and I suspect I’m not alone.
- Allocating them to a paid or unpaid invoice
- holding the money on a supplier account
or the latest one I found
- using the receipt hub or account credit and ending up with a transaction on a bank account!! Really? that’s fun to reconcile.
None of these methods reflect how I suspect alot of businesses handle them. It also makes them really difficult to track where you have a credit account with a supplier and potentially records incorrect finacial activity.
I want to deal with a credit note exaxctly the same way I deal with an invoice from a supplier, without any allocation at first,
- Record the purchase (credit of a purchase in this case) via the enter new purchase screen or Receipt Hub,
- hold the -neg transaction on the supplier account as unpaid until such time as a payment is to be made
- update the credit note ‘as paid’ in the same way and at the same time as an invoice by ticking it, which adjust the running total to pay accordingly.
This would allow the bank account to reconcile when a single payment is made which includes both invoices and credit notes and enable you to see which credit notes have been ‘paid’ (ie taken in to account in respect of actual payments). and which haven’t. You could also see the full transaction history with the supplier this way.