We bought something from a US company, but had to request a refund, which they refunded back to our bank account. Only problem is the refund was a little bit more than the purchase price due to exchange rate fluctuations in the days between purchase and refund.
I’ve tried processing this in QF as a supplier refund but it won’t display the invoice to credit it against.
How do I proceed please?
Thanks
Hello @comgw
Have you processed a credit note for the invoice?
If not, view the original invoice > More options > Credit Note
Make sure you edit the correct date and amounts > Save > Refund and make sure the correct refund date is entered.
Delete the old entry from the bank so you do not double up the amount.
Yes, I tried that, but it creates a duplicate entry in the bank feed. If i delete the duplicate entry and try to select the entry from the bank it still doesn’t offer it as an option to select. if I don’t delete the duplicate entry my bank balance is out. If I delete the original bank entry it just re-appears the next time the bank feed synchronises!
Also, adding a credit note manually won’t allow me to enter the actual amount of the refund, it displays an error if I try to enter a value that is greater than the invoice amount, but as I said originally, the refunded amount is slightly more than was paid due to exchange fluctuations.
Hello @comgw
Yes, I tried that, but it creates a duplicate entry in the bank feed.
That is correct which is why you delete the transaction from the feed so you do not double up.
If I delete the original bank entry it just re-appears the next time the bank feed synchronises!
The bank will try re importing the transaction for a few days if it is not listed, you would have to wait a few days from the initial import to prevent this.
Also, adding a credit note manually won’t allow me to enter the actual amount of the refund, it displays an error if I try to enter a value that is greater than the invoice amount, but as I said originally, the refunded amount is slightly more than was paid due to exchange fluctuations.
You would only process the credit for the value of the invoice, when the credit is saved you can adjust the GBP value as per the example below
Assuming it’s the GBP value that’s changed, not the USD value.
A purchase for $120.00, equating to £98.00. The credit note option allows me to override the exchange rate.
When I save it, I can enter the GBP value
We only use sterling values, never used any other currency as we only have a uk bank account
Seems like a bug to me that you have to keep manually deleting the bank entry multiple times!
Is there really no other way to do this? It should allow you to select any invoice you’ve paid to be refunded surely? Why does it exclude some invoices? What is the selection/filtering criteria?
Hello @comgw
We only use sterling values, never used any other currency as we only have a UK bank account
You mentioned earlier you were refunding a slightly more than was paid due to exchange fluctuations?
Also, adding a credit note manually won’t allow me to enter the actual amount of the refund, it displays an error if I try to enter a value that is greater than the invoice amount, but as I said originally, the refunded amount is slightly more than was paid due to exchange fluctuations.
Seems like a bug to me that you have to keep manually deleting the bank entry multiple times!
The feed continually checks your QuickFile bank account against the feed we are given for a few days to ensure nothing is missed, if the date/ref/amount is on the feed but has been deleted in QuickFile it would import again
Yes, that’s part of the problem. We paid for a service that appeared on our bank account as a debit of £298.89
A few days later the company sent a refund through, but the amount that appeared in our bank account was a credit of £304.67 - presumably because the company is operating through a non-sterling account/payment system.
So how do I go about processing the credit? I can’t enter a refund against the invoice for the amount paid into the bank because it is more than the original invoice. If I enter a manual credit as you suggested for the invoice value, then the bank would not reconcile due to the different amounts.
I can’t be the only person to have come across this before?
Hi @comgw
To clarify - did your supplier invoice you in GBP, or was it a different currency? If it was a different currency, has it been recorded on your QuickFile account as a different currency to match the invoice?
Yes, invoiced in BGP, added to QF in GBP, I believe they are a US based company and guess they use a payment processor that converts the funds to USD for them
Any update on this please?
All we need to do is record the actual amount the company refunded, this should be easy! Surely there have been other cases when a supplier refunded the wrong amount even by accident? How do you record that scenario?
Thank you
If the invoice were in USD then the way QuickFile would handle it for you would be to put the difference onto the “currency charges” nominal, so the trick here is to do the same thing manually - refund the original £298.89 purchase in full into a spare bank account (e.g. director’s loan or drawings), tag the £304.67 you received as a bank transfer from the same spare account into your current account. This leaves the DL account balance £5.78 lower than it should be, you then fix that by adding a £5.78 “money in” transaction by hand using the button at the top of the bank statement view, and tag it as “something not on the list” to the currency charges code.
