Credit entries will automatically be created by Jim2 when:
▪a return to vendor is finished. A return to vendor credit will need to be applied to an outstanding invoice, or left as an outstanding credit in that vendor's creditor record.
▪a negative expense order has been finished – these are used for non-stock or expense-related credits.
▪a purchase order with journal stock code and negative value has been entered and finished.
▪a payment or prepayment has been made but not applied to a purchase order
▪the amount of the payment is greater than the amount due/owing
▪a creditors contra is added from a corresponding debtor account
▪A creditors adjustment down is entered. This would be a last resort, and should not be used if there is a credit note involved.
Enter a Credit for Overcharge by Supplier
If the stock has not been sold, add a Return to Vendor.
If the stock has been sold, use a negative expense order. If the original purchase order was only for the overcharged stock, you can link the negative expense order to that purchase order. If there is more stock on the original purchase order that is not applicable to the overcharge, don't link the negative expense back to it as it will impact all stock lines on the original purchase.
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Creditors adjustments up and down can be used to move transactions between creditor accounts, eg. a payment has been recorded against the wrong creditor record and the payment cannot be cancelled because it has been reconciled in a bank reconciliation. |
Further information
Creditors Allocate Payments Grid
Creditors Adjustments Up and Down
Discounts and Account Fee entries
Manage Payment Returned from Bank