From time to time creditor accounts may end up with small rounding balances (either owing or in credit), which may need to be cleaned up.
If one cent is owing, 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 also in the Discount field in the line where the one cent is owing.
•Press Enter to record the discount. Click Yes to confirm, then Save & Close.
If the one cent is a credit amount, ie. -0.01, it is a two-step process to clear this:
1.Add a Creditors Adjustment Up to offset the credit.
Select the 6-XXXX Rounding Account, enter a vendor invoice number, eg. ADJ1, then the amount and use tax code X, as writing off a small rounding credit balance has no GST reporting. Enter a comment (this is required before being able to save). Click Save.
An invoice has been created for one cent to apply the credit to.
2.Add a payment By Credit to apply the one cent credit to the one cent invoice, then save.
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Some letters in the field names within the header are underlined, eg. Type. Using Alt+ the underlined letter will jump to the field beside that heading. |
Further information
Creditors Allocate Payments Grid
Creditors Adjustments Up and Down
Discounts and Account Fee entries
Manage Payment Returned from Bank