Forum Discussion

PriscillaNT's avatar
PriscillaNT
Contributing User
4 years ago

Credit on Invoice does not reflect on Pledges Receivable

Hi there,

 

Late last year I applied credit against an invoice for one of our 'customers', which reduced the total of their bill. So far so good.

 

However, upon closer inspection, I see that in our Pledges Receivable account, where the credit has been applied, there is a credit to the Pledges Receivable account, directly followed by a debit. They both appear to be from the same sale transaction.

 

This obviously has a net effect of zero, so our Pledges Receivable account is showing a higher dollar amount than we are actually owed.

 

I'm not super familiar with credits and refunds. Can someone please help me out? I don't know what has gone wrong or how to get our Pledges Receivable account to show the right amount.

 

Thanks in advance!

  • IanChait's avatar
    IanChait
    4 years ago

    Hi PriscillaNT 

     

    You should be able to open the original credit note, and edit it. There are times when it gets locked, which means it becomes un editable. If this is the case, I suggest doing a General ledger Journal . 

     

    The entry will be Credit Pledges Receivable, and Debit the account it should have been coded to. You may get a warning that this is a linked account, but you can ignore it in this instance.

  • IanChait's avatar
    IanChait
    Ultimate Cover User
    4 years ago

    Hi PriscillaNT 

     

    Is your Pledges Receivable account the linked Accounts Receivable account. If so, have a look at your credit and see if the allocation account is the Pledeges Receivable account. This would result in the Debit & Credit posting to the same account. The allocation account for the credit should be the same as the allocation account on the original invoice. 

    • PriscillaNT's avatar
      PriscillaNT
      Contributing User
      4 years ago

      Hi Ian,

       

      Thanks for your swift response.

       

      The allocation account does appear to be the Pledges Receivable account. However, I can't figure out any way to change it, as it's within a closed off sale. Any advice in this situation?

       

      Thanks again.

      • IanChait's avatar
        IanChait
        Ultimate Cover User
        4 years ago

        Hi PriscillaNT 

         

        You should be able to open the original credit note, and edit it. There are times when it gets locked, which means it becomes un editable. If this is the case, I suggest doing a General ledger Journal . 

         

        The entry will be Credit Pledges Receivable, and Debit the account it should have been coded to. You may get a warning that this is a linked account, but you can ignore it in this instance.

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