Sage supplier receipt - The Book-keepers Forum (UK)

tonys · Senior Member

Sage supplier receipt

BackOfficeGroup · Guru

Tony

You raise the credit note in suppliers and Sage allows you to write off/refund this c/n into the bank account.

P

tonys · Senior Member

Hi,
I am opreating a clients sage 2002.
I have gone into Supplier and credit note but all this will do is credit the ninvoice how do I refund into bank?
Tony

BackOfficeGroup · Guru

Tony

Sorry, cannot remember that far back, I only use up to date software. Perhaps someone will come along with that knowledge.

P

tonys · Senior Member

Thank you anyway,I have requested the client update but.....

Tony.
Any other idea out there!

littlebookkeeper · Senior Member

Hi,

This is interesting, I have not come across this before on sage where I have had to allocate a 'refund' from a supplier. I have sage instant and have just tried to do this on a 'dummy' company to see how it works and it won't let me raise a credit note then refund it to the bank, how exactly do you do this?

I would probably have just posted the refund as a bank receipt to the nominal code that the original purchase invoice was posted to.

I am curious now!

Carole

-- Edited by littlebookkeeper on Thursday 12th of August 2010 12:23:24 PM

tonys · Senior Member

I don't think the age of the sage version is on my side!
Tony

BackOfficeGroup · Guru

too true, 2002 means its over 8 years old!! and with no updates, its well behind.

P

Denise · Senior Member

Refund Supplier Credit Note

1. On the supplier account raise an invoice for the gross amount with a T9 tax code to the suspense nominal account.
2. Go into Bank -> Supplier, select the supplier and pay both the invoice and the credit note. This will clear the supplier account.
3. Enter a bank receipt for the gross amount with a T9 tax code to the suspense nominal account.

The above applies if you are on Standard VAT Accounting, if you are on VAT Cash Accounting, the transactions need to be entered with the appropriate tax code, net and tax amounts.

(Copied from the Sage Forum website. Does this help?)

-- Edited by Denise on Thursday 12th of August 2010 01:04:37 PM

tonys · Senior Member

That sounds right to me!
Why didn't I try Sage Forum!!?
Thanks D

Regards,
Tony

semsley · Guru

That's absolutely correct Denise.

Another one is for Contras when using Instant rather than Line 50 which has a wizard for it.

You need to create a "bank account" to "launder" the money through.

Process the supplier and customer invoices in the usual way. Then pay the supplier through the Contra Bank account and receive money from the customer through the Contra Bank account then transfer the money from the Current Account to Contra Account or vice versa if the supplier owes more to you than you to him.

Denise · Senior Member

Thanks for that tip Sheila,

I have always done contras by allocating the actual cash paid/received in the usual way, probabaly having to part pay an invoice too. Then for the contra amount - another customer/supplier receipt/payment with the reference contra. If you see what I mean.

Your way is so much easier.

semsley · Guru

Do you know it never fails to amaze me that it is always more difficult to process anything slightly out of the ordinary in Instant than it is in Line 50. If you think about it logically most people who buy Instant are small owner-managed businesses who can't afford Line 50 and, in many instances, are using it themselves and don't have a clue how to deal with these situations. Yet the larger companies who can afford the price of Line 50 and probably the services of someone "qualified" to use it get all the knobs and bells.

FarmerJohn · Newbie

I have a variation on this one, I paid an Invoice in full and then noticed that I had been billed for an item not supplied to me. I have received a credit note from the supplier and entered it as a Supplier Credit.

When I come to pay next month's invoice, and with it, the (subtracted) credit note I get the message that -
"There is mismatch in the net/tax elements of the items selected. Please ensure that the tax codes of any credit notes/payments on account are matched against the invoices with which they are to be allocated to." (sic)

The invoice is for a mixture of standard and zero rated items, not in itself a problem normally. and the credit note is for a zero rated item.

How do I get out of this without making a mess?

semsley · Guru

What you have to do with this one is:

Go into File>Maintenance>Corrections and change all the tax codes to the same (don't change the figures).
Pay the invoice and Cr Note off
Go back to Corrections and change the tax codes back to the original ones.

Firefly · Member

Create a credit note on your supplier's a/c ie Debit Creditors / Credit costs

Then post your cheque directly to the bank as a receipt and use your suspense a/c for your opposite entyr ie Debit Bank / Credit Suspense

Then post an invoice to your supplier and use your suspense a/c for your opposite entry ie Credit Creditors / Debit Suspense.

Just make sure you use the same date for your entry to the bank and for the invoice otherwise your suspense a/c may not clear in the same month if you happen to be at the end of a month.

Hope that helps

john_coller · Newbie

Thank for that solution Denise, I've just had the same problem (3 years later) and it helped me out.

Epanine · Member

Hi,

I have came up with a similar problem of refund but this time it is a credit card refund not from a supplier but from my main bank account as a consequence of a payment I made to the credit card account. On one of my account holder credit card statement among the purchases of the month there's a credit transaction shows as "Payment received- Thank you" which is not a refund from a supplier so I cannot treat with a credit note and a consequently Bank receipt. Could anyone please help me to deal with this taking into account I'm using Sage Instant accounts?
It's worth noticing that this transaction involves either the main bank account 1200 from which I transfer money over to 1240 (credit card account), the 1240 from which I then make payments to each credit card holder and the credit card holder accounts set up as suppliers. I hope this makes sense to you.

Thanks a lot in advance, you are saving me from madness :)

Howtobookkeep · Veteran Member

Why not credit it to an account such as accounts payable and then do a transfer between accounts payable and the bank? As long as you use the same date for both and put in an adequate description of what you're doing it shouldn't cause any harm.