Crediting an open invoice

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Trusted Cover User Penny_Accounts
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Crediting an open invoice

Hi,

 

A supplier invoice got paid by myself as well as my company's national branch. 

The supplier has refunded me the overpayment.

I will (eventually) have to pay the national branch directly.

 

I was planning on reversing the original payment to the supplier and dating it as the date on the bank statement where I can see the overpayment was returned.

 

This should mean that original invocie is now open.

As I no longer want to pay this supplier, should I create some kind of credit memo to close the invoice?

I don't want to delete the invocie because I will still need to show that I paid them, and then money was returned to me.

 

I am not sure how to create credit memos or how to apply them to open invocies.

I am using AR live 2019.

 

Thanks

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Ultimate Partner IanChait
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Re: Crediting an open invoice

Hi @Penny_Accounts 

 

I wouldn't touch the Supplier Invoice. Post the Supplier refund to a Suspense or Other Liablity Account, and when you pay the National Branch, code it to the same account..

 


Regards
Ian Chait CA
Certified Consultant Melbourne
P/M 0417 479 585
Email ian@myfc.com.au

Trusted Cover User Penny_Accounts
86 Posts
Trusted Cover User
Australia
Trusted Cover User

86Posts

23Kudos

0Solutions

Re: Crediting an open invoice

Thansk @IanChait 

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