Good morning,
The book-keeper for a subcontractor issued us a credit note for VAT charged in error on multiple invoices up to the time that the subcontractor ceased working for us. Since we are not making any more payments to the subbie they paid us a cheque instead.
How can I match a receipt from a supplier to a credit note posted through the supplier ledger in Line 50 (Accountant +, v13)? Please forgive me if I have failed to recognise the option during my investigations within Sage's functions, help files and various internet forums.
In the meantime I've posted the credit note as a Bank Receipt so at least the returned VAT will be incorporated in our next return.
Thanks in advance,
Sam.
Samuel Ryall
Replies (2)
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T codes shown
I have updated my reply to include the T-codes.
Peace and love, peace and love.
With difficulty!
1. Post the credit note, as normal, to the supplier account (T1)
2. Post the cheque received as a bank receipt to 9998 suspense (T9).
3. Post a dummy invoice to the supplier account to 9998 suspense (T9)
Result: cheque shows in bank, supplier account balances and suspense account cleared.
You haven't mentioned what VAT scheme you use, but that will be relevant for your choice of T-code.
Edit: VAT codes are for standard accounting VAT.