From time to time your creditor accounts may end up with small rounding balances (either owing or in credit), and you just want to clean these up.
If you owe them 1 cent you can use the Discount function to clear this:
•Edit the creditor record as if to enter a payment.
•From the drop-down options in the Type field select Discount.
•Enter the amount (0.01) in the Amount field and the Discount field in the line where the 1 cent is showing as owing.
•Press Enter to record the discount. Click Yes to confirm. Click Save & Close.
If the 1 cent is a credit amount, ie. -0.01, then it is a two-step process to clear this:
•First you need to add a Creditors Adjustment Up to offset the credit.
•Select the 6-XXXX Rounding Account, enter a vendor invoice number, eg. ADJ, the amount, and use tax code X, as you are simply writing off a small rounding credit balance with no GST reporting. Enter a comment (this is required before you can save). Click Save.
You have created an invoice for 1 cent to apply the credit to.
•Add a payment By Credit to apply the 1 cent credit to the 1 cent invoice, then save.
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You will see some letters underlined in the field names within the header, eg. Type. Using Alt+ the underlined letter will jump you to the field beside that heading. |
Further information: