i have over paid a creditor by 1000 euro and now have received a refund of this amount. i have read some threads and the suggest writing an inv to the suspense account ant then proccing a receipt to the suspense account. however when i do this the creditors control account does not agree with my creditors balance. any ideas.
Yes you need to post an invoice on the supplier's account for the amount of the refund to the suspense account with a T9 tax code and then go into Bank - Supplier and net the invoice off against the overpayment. Then you need to do a Bank Receipt for the amount of the refund to the suspense account with a T9 tax code. This shouldn't make your Creditor's control account disagree with the Aged Creditors....did you check that they balanced before you did the transactions? If you run Check Data does it come up with this error?
Can you not just do a supplier refund in sage instant, all you should have is a payment on account, a supplier refund (in the pane at the top left on line 50) will clear it.
thanks for the quick reply . what do you mean by net invoice off against overpayment. thanks again pauline
You need to go to bank, click supplier and pay in full both the invoice you created and the payment on account you have outstanding, this should be a zero transaction with the effect of clearing the invoice and payment on account.
And it's version 6, which is a very old version Don't think the Supplier refund option came in until later versions.
Sorry Paul, when I said "net the invoice off against the overpayment" I meant go into Bank - Supplier, enter the supplier name and in the list that comes up there will be both the invoice and the overpayment showing. Enter the current date and then click on Pay in Full against the dummy invoice and the overpayment and then click Save. This will clear the overpayment and invoice off the Supplier account and the net effect on the bank will be zero.
Don't think the Supplier refund option came in until later versions.
