Credit from a supplier

Question asked by Sarah Wilkinson 9 years ago

Hi all,

I am new to clearbooks and am picking up actions already completed by previous members of the team so want to make sure I understand what to do.

We have a supplier who has paid invoices in full and has agreed to reimburse us for a 'discount'. A credit note has been applied under purchases and now the funds have been received into our account.

Firstly, should this credit has been received as a purchase or a sale and secondly how do I now reconcile this payment from our bank, will this be as a transaction as I can't see the credit note against this supplier?

Apologies if I haven't made sense but I have no previous experience of using clearbooks.

Thank you

3 Replies

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Kevin Doran

Accountant

1668 entries

Hi Sarah

Clear Books has this quirky thing where by credit notes can only be used as on offset against unpaid invoices/bills - not where a cash refund is being made.

If the credit has been received onto your bank account you simply analyse it as a refund as follows:

https://www.clearbooks.co.uk/support/guides/money-2/manage-money/receiving-a-refund/

9 years ago

Sarah Wilkinson

2 entries

Hi Kevin

Thats great thank you. In regards to the credit that has been posted top the supplier accoound would this then need to be voided?

9 years ago

Kevin Doran

Accountant

1668 entries

It most certainly would.

9 years ago

Credit from a supplier

3 Replies

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