I entered an electricity bill as received but they over estimated and now I have credit. I entered the bill directly as a due payment directly out of the chequeing account, but of course this now will not be taken, likewise the credit is against future electricity use.
How should I enter this credit?
Hi Tony,
I take it that you originally recorded the bill by creating a Money Paid Out transaction with the Type field set to 'General Payment', the Paid From Account set to 'Cheque Account' and the Allocate To Account set to 'Electricity'. If that is the case then record the credit by creating a Money Received transaction with the Type field set to 'General Payment', the Deposit Into Account set to 'Cheque Account' and the From Account set to 'Electricity'.
Regards,
Thanks Mark
Simple really, I was just concerned that as this is not really money received yet but in the future against forthcoming bills.
Regards
Tony
Hi Tony,
You're right - it's not really money received. But you need to record it as such in order to reverse the Money Paid Out transaction.
Regards,