Community Forum Portal/Portail du forum communautaire
I just started using Agexpert recently and I'm trying to process a credit return and i'm not sure how the transaction is suppose to work. Looking for some direction/help.. Thanks.
Hi Evan!
There are a couple of possible ways that this kind of transaction can be dealt with, depending on the circumstances.
1) If you track the vendor with payables, then when you do a credit return, go to the Transaction Entry screen. Select Payable Charge as your transaction type. Select your vendor, and enter a reference number. Then, you can enter your total as a negative number.
For example, if you returned merchandise for credit of $100.00, then the total in the transaction screen would be -100.00.
You can then post this against the expense you had originally posted the item to. Again, the amount and any GST/HST would be negative.
2) If you do not use payables to track your balance with the vendor, then the credit will not be dealt with until you make your next payment to that particular vendor. On your first line, claim the full purchase invoice that your paying. The last line that you enter, then, will be the credit. This credit will be entered as a negative amount, to the account that you had originally posted the item to.
Using the above example, you would leave the $100.00 credit for the time being. In the next month, you make a purchase for $1000.00. Since you have the $100.00 credit, you only cut a cheque for $900.00.
In AgExpert, this would be a withdrawal for $900.00. Your first line of detail will expense the original 1000.00. This puts you out of balance by the 100.00 credit. On your second line, then, you will post the -100.00 to the appropriate account.
Give this process a try! If you have further questions, let me know!