We have received a BACS refund from a utilities company and I have done it as a credit, I have made a dipost of this amount in the banking part but it is just telling me there is a negative balance on my supplier screen.
They haven't applied it to bills, it came directly back as a payment so we could start at 0 again.
We always newbies to do a little intro about themselves as it helps us get to know you and also to pitch answers. So just a few things such as - bookkeeper or accountant, how long in this business? Working for a practice / small company accounts office / for yourself as a bookkeeper - or are you a business owner in another line of work? What level of training and who you are doing/have done your training with? Which professional body are you with (or are you QE)? Where in the country are you based? Some general background.
Also - if you pop your first name so that it shows under that line at the bottom of your post (go to edit profile) - so peeps dont need to look up your name each time.
Not sure what you mean by they havent applied it to bills - surely one of them would have been in credit?
Can I ask which utility and which utility company? Some of them produce invoices which are a right mare to actually fathom. at first glance.
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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
Thanks for your reply! Whoops sorry that would have been a better start! Should I post this in the newbie section?
Hmm.. well I guess neither, I'm an Office Manager. We use it to log bills and service charge payments for flats we manage. We are a very small family business that has been using quick books for about 2 years now. But we have been in the business for about 11 years.
I have been working with my Dad in the business for 3 years and we also have a bigger project management company which we use FreeAgent for. I have no training in the area, I have a BA and my own pottery/glass business. We have two offices, one in Surrey and one in London. I am usually based in the London office.
We are with Opus, basically what was happening is they were estimating bills which we were paying by DD and then they installed a smart meter which showed they had majorly over estimated our bills and we were in fact £350 in credit. They offered us a BACS refund for the money as we decided to take this instead of use it against future bills. So we received the cash into the bank and since then have had more bills which we have paid. I have tried to deposit the money but now it is showing a balance of -£700!! I am trying to get the details ready to submit to our accountant. He is usually very good and he knows I am of limit skills when it comes to bookkeeping but I'd like to sort it before I sent things over to him.
Hi Sarah
Sounds like an interesting mix there with your own business as well.
You have stumbled into a forum that is actually for bookkeeping and accounting professionals, so we cannot provide advice to business owners and would always say - speak to your Accountant as they should be able to give answers to this sort of answer and most wouldnt normally charge any extra (unless you are constantly asking of course).
You are lucky with Opus in that they do actually provide well laid out decent invoices. What you should have had is a Credit note from them which shows the amount and VAT split of the overcharge which can be matched to the refund, so you should get that. Reverse the double keying and the supplier account will be right and your Bank rec also (you may see both a debit and a credit for the extra Bank one you did, thats fine as they cancel each other out.
If you cant sort it before it goes to your Accountant, just leave him a note as to whats happened/point out the relevant paperwork.
__________________
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
