Receiving a cash refund for an overpayment of a bill.

Legacy KB ID: 5644

Question

I have overpaid the supplier on my last bill and the excess amount has been recorded as a credit note. How do I record the cash refund I have now received from the supplier?

Answer

When you pay a bill with an amount greater than the bill Reckon One will create a Credit Note for the excess. Search for Supplier overpayment for full details.

As this Credit Note is not a Supplier Adjustment Note you do not have the facility to call it up and press the 'Enter Refund' button to receive cash for the overpayment.

Who does this apply to?

Reckon One user who has overpaid a bill and stored it as credit and later received a cash refund for the overpayment.

Solution

Record the cash refund as Journal and link it to the original payment.

  1. Enter a journal for the refund amount. Credit: Accounts Payable and Debit bank account. (for this example $50)
  2. Make sure the contact is the same supplier as on the original bill.
  3. Link the journal to the original payment. This step is crucial as it will offset the credit available to the supplier.
  4. Go to ‘Make payment’, open the original overpayment transactions. You will see the above journal under the allocate tab. Enter the amount under ‘How much to allocate’ column for the journal. ($50 in this example)
  5. Save and close.

Your Credit Note has now been converted to Cash in the bank.

Need more help?

Ask the Reckon Community at: https://www.reckon.com/au/support/one/.

How did we do?

Understanding RESC in Reckon One

Refund customer overpayment

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