Refunds from Suppliers
Options
xHolmesyx
Registered Posts: 16
Hi All,
Just a quick question..
If for any reason you need a refund from a supplier, when you receive it you will Debit the bank and credit the purchase ledger.
However, I was wondering, is the only way to get rid of this credit entry on the purchase ledger by requesting a credit note from the supplier which you can use to allocate against this refund?
Im guessing you can't allocate the refund against the payment the refund relates to as it would of already been allocated against the invoice?
Any help greatly appreciated.
Thanks.
Just a quick question..
If for any reason you need a refund from a supplier, when you receive it you will Debit the bank and credit the purchase ledger.
However, I was wondering, is the only way to get rid of this credit entry on the purchase ledger by requesting a credit note from the supplier which you can use to allocate against this refund?
Im guessing you can't allocate the refund against the payment the refund relates to as it would of already been allocated against the invoice?
Any help greatly appreciated.
Thanks.
0
Comments
-
Your question doesn't make much sense.
You receive a refund when the account has more credit notes on than invoices, you would then post the refund as you would a normal payment but as a receipt.
Not sure why you would request a credit note to get rid of a credit, the payment on the account would actually be short.
You say this is a supplier account but the content of the question pushes me more towards a sales ledger account0 -
Reading between the lines, the OP may have received a refund from a supplier without a corresponding credit note. The correct treatment would be to request a credit note from the supplier1
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 18.9K For AAT students
- 269 NEW! Qualifications 2022
- 148 General Qualifications 2022 discussion
- 9 AAT Level 2 Certificate in Accounting
- 44 AAT Level 3 Diploma in Accounting
- 65 AAT Level 4 Diploma in Professional Accounting
- 8.9K For accounting professionals
- 23 coronavirus (Covid-19)
- 274 VAT
- 92 Software
- 274 Tax
- 138 Bookkeeping
- 7.3K General accounting discussion
- 195 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 352 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 590 Job postings
- 17 Who can benefit from AAT?
- 36 Where can AAT take me?
- 44 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 65 AAT membership