Hi,
Hope you can help. I purchased an item online (using debit card) and entered the details into the accounts based on the invoice value, however when reconciling my bank accounts I see my account was over charged by the supplier. The supplier has now agreed to refund the difference.
How should I show this in the accounts? Leave it as it is and just manually mark up my bank statement to show that the refund cancels out the overcharge? Or should I create additional entries to show the overcharge and refund - and if so how?
Many thanks,
Gary
Hi Gary,
Just record an invoice payment that is larger than the invoice total. The associated purchae invoice will then be marked as 'overpaid' and will behave exactly like a purchase credit note. Then record a supplier refund as described here:
http://www.solaraccounts.co.uk/help/how-to-record-a-supplier-refund.php
Regards,
