I am doing a bank reconcilliation and i am trying to allocate a credit from a supplier.
I originally paid an invoice for £301.87 then i realised i had been over charged for an item on the invoice. The overpaid amount was £25.00. I had already entered the invoice £301.87 as paid as i paid by card there and then. Now when i am trying to do the bank rec and there isnt an amount for the £25.00 showing and now i have allocated original invoice as paid how do i show the £25.00 as being refunded back to my card?
If you are ok with the £25 refund not being shown on your supplier account you could post a bank receipt of £25 directly to the nominal ledger account that you posted the purchase to.
I have already posted the £25.00 credit to the suppliers account?? Should i delete it in corrections on sage and add the £25.00 as a bank receipt like you suggested or is there another way to do this???
You can always go to 'Suppliers' and select 'Supplier Refund'. You should be able to select the supplier in question and the credit that you input also. When this appears in the bank rec, selct this along with the higher original payment and the bank will rec (even thjough you won't see the £25 on the bank statement).
You could do either as you have put it 'delete in corrections etc ......' or do as Rachael has suggested, though some versions of Sage do not have the Supplier refund option available.
Thanks for that advice. I have put the £25.00 as a supplier refund as suggested. I didnt even know that option existed. It will be of great use to me in the future.
Many thanks for everyones post you have all been a great help!
