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Supplier refunds

Created on  | Last modified on 

Summary

How to record supplier refunds in Sage Accounts Production.

Description

To process a refund from a supplier, you can use a credit note, a zero-rated invoice, and a receipt.

Resolution

  1. Create a purchase credit note for the supplier.
    This clears the original supplier invoice.
  2. Create a zero-rated purchase invoice for the supplier.
    Post the invoice to the suspense account 999.
  3. Raise a receipt.
    This clears the bank account entry and the suspense account.

EXAMPLE:

You post and pay a supplier invoice for £100. Later, you refund £100 by creating a credit note, a zero-rated invoice to the suspense account 999, and a receipt. This clears all balances.

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