Summary
Resolution
How this works
There are two ways to create credit notes
- Credit a credit note.
Use this to cancel an invoice or when the credit note exactly matches a single invoice
- Create the credit note and match it to invoices later
Use this when your supplier has sent you credit to use against future purchases or the credit note is being used to pay more than one invoice
Once saved, match the credit note to the invoice or invoices that it's paying
Credit notes for stock items
We track your stock by recording stock movements each time stock is bought and sold. Each stock movement has a type which records whether the stock was added or removed.
When you record a credit note that includes a stock item, we create a Negative Goods In stock movement. This automatically reduces your stock level.
Create a single credit note
- From Purchases, select Purchase Invoices.
- Open the invoice you want to credit.
- Choose Add Credit Note from the panel on the right. We create a credit note with the same details as the original invoice.
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Change the details as necessary. When you change the price, we automatically update the VAT and Total.
The total value of the credit note cannot be more than the original invoice.
- If this is a draft credit note, select the Save as draft check box. You can return to the credit note at a later date when you’re ready to update the ledgers and clear this check box.
- If required, enter any notes.
- If you want to attach a file, for example, a copy of the credit note the supplier sent you, select the attachment
button. Read more on how to add attachments. - When you have finished, choose Save.
The invoice now shows as Paid or Part-paid.
Save a credit note and match it to invoices later
- From Purchases, select Purchase Credit Notes.
- Enter the supplier, date and reference.
- Enter the details of the items being credited. Enter each item on a separate line. Make sure you include the description, ledger account, price and VAT rate.
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If the credit note is for goods or services purchased from a VAT-registered supplier in the EU, choose whether this item is for goods and related services or a stand-alone service in EU Goods/Services.
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If required, enter any notes.
- If you want to come back and update the credit note later, choose Save as draft.
- If you want to attach a file, for example, a copy of the credit note the supplier sent you, select the attachment
option. Read more on how to add attachments. - When you have finished, choose Save.
Read more information on how to enter the refund and match it to a payment or credit note.
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