Recording RCTI in Reckon One or (buyer created tax invoice)

Legacy KB ID: 5649

Question

I have received funds together with a paid invoice from my agent for the sale of my goods less the costs incurred. How do I record this transaction in Reckon One?

Answer

Reckon One does not allow transactions for the sale of goods and for expenses on the one Customer and Supplier specific documents like Invoices and Bills. However, these transactions can be combined on a General Journal

Example:

In this example we will use a Farmer selling his produce through his agent. As the agent is the only person who knows all the income and costs involved in the transaction, he prepares the “recipient created” invoice that lists the income received and all the various expenses incurred in the sale, together with the relevant tax amounts included where relevant. The Agent remits the net proceeds to the Farmer and sends a paid recipient created tax invoice.

The details for this example are:

Total revenue from sales of Wheat: $1000 Incl GST

Less deductions:

Freight: - $50 Incl. NCG

Levies: - $40 NCF

Total Payment in my bank account: $ 910

Who does this apply to?

Reckon One user receiving a recipient created tax invoice (RCTI).

Detailed steps.

Please note the below explanation is an example only intends to be used as a guide. You should contact your accountant for your user-specific situation and use of the appropriate tax code.

1) Create a contact as a customer and suppliers both.

2) Go to ‘Day to day’, ‘Business’ and ‘Journals’.

3) Select ‘Add’ button to add new journal.

4) Select the bank account on the first row, where you have received the payment. Enter the amount in Debit column. Select the name of the customer in the contact column.

5) Select ‘Add new row’ to add another row.

6) Enter the Income account for the sale of your Produce/product. Eg Wheat income. Enter the amount in the ‘Credit’ column. Select tax code as appropriate. Eg. GST. Select the contact.

7) Add new row.

8) Enter the expense account. Enter the amount in ‘Debit’ column. Enter tax as appropriate. Eg. NCG, NCF, etc.

9) Add a new row to add other accounts if required.

10) Enter the appropriate notes in the summary field.

11) Save and close the journal.

Additional information:

You have now successfully entered a single transaction for a RCTI. As you have entered contacts in the transaction, they will appear in reports like customer/supplier transaction reports.


Need more help?

Ask the Reckon Community at: https://community.reckon.com/categories/reckonone

Or Log a Support Ticket: https://www.reckon.com/au/support/

How did we do?

Error: Line item does not have a number, when entering TimeSheet entries on an Invoice

‘Pay run error: the number credit is outside the valid range’ when finishing the termination payrun.

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Reckon Accounts Desktop: Handling a Recipient Created Tax Invoice (RCTI)
Invoices - Reckon One
Recording SuperStream payments in Reckon One
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