Hi
Can you please add your name to the signature section so it shows up in messages?
Was the money left on suspense or in fact left on the debtors as a minus figure (which it shouldve been via a payment on account when the funds were received), or moved to creditors?
If in suspense still I would suggest when you see the payment on the Bank account, just key this as 'Payment' in the Bank module using the suspense nominal code.
If its in the debtors figure, ie their customer record as a minus figure you can process as a customer 'refund' via the customer screen using the date of payment on the Bank account.
HTH
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Hi Gemma
If it was a straight overpayment then go for option one. If it was an overpayment due to some agreement to reduce the price or faulty good etc then a credit note shouldve been issued at the time. Given its quite an old one and assuming the amount isnt large in the scheme of things I probably would be tempted to go for option one. But let me know if you are issuing a credit note and then I will explain how to key it all.
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
May I just check - "In our last years accounts" - has the accountant done the year end figures?? When you year end Sage, it would roll up and that overpayment would get thrown in with the profit and loss? And the accountant would have left it as a suspense item, they would have cleared it, either to creditors or maybe even written off in the profit and loss - and that should be part of the year end journals?
I was just coming back to this one - been a bit bombed, sorry Gemma. Michelle makes a good point about the Accountant, which is why I asked the question earlier. Also - can you advise perhaps the amount in suspense, the amount of credit note you intend to issue plus the amount of o/s invoices on their account - might help when explaining what needs going where, once we have the answer to Michelle's message
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Hi Jo - I noticed you had asked where the item was left, but I got the impression Gemma might be looking at Sage to answer that, rather than the accountants figures. If she hasn't year ended Sage, it will appear to be still sat in suspense.
I was thinking it was weird and hence my initial question (and why Ive gone in now for more info as it seems the question has changed from just a refund to a credit note and allocation)
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
