Processing Purchase Credits and Refunds
Introduction
Occasionally it may be necessary to arrange for a credit or refund of purchased items. Credits and refunds can be used for a variety of purposes and the system also allows partial credit or refund of purchase invoices.
Processing Purchase Credits and Refunds
As an example, to process a Credit Note with a Refund:
- Select New > New Credit & Refund on the Suppliers > Credits & Refunds screen.
- Choose the relevant invoice using the radio button and then Select Invoice at the bottom of the screen.
- Confirm the following details:
- Net value
- VAT value
- Credit qty: the quantity of items to be returned;
- Return qty: the number of items to be returned into stock (if any).
- Create refund: If you chose to Refund the items then this will be ticked, if you chose to Credit only then this will be unticked. This can be amended.
- Select Save and the system will either credit the Purchase Invoice, or will also lead you onto the Refund process.
To process a Refund, the system will ask for the following information:
- To: This is the account where you would like the Refund to appear
- From: This will be pre-populated with the relevant Supplier account, although can be changed if needed
- Accounting date
- Amount
- Currency
- Reference
- Narrative
There is also a tick box that will prevent the Credit Note from being marked as paid - select this option if required.
- Select Create to confirm and save the refund.
