Subscription payment to supplier and a credit received from supplier.

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Margaretf
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Subscription payment to supplier and a credit received from supplier.

Hello. Each month I pay $50 to my supplier for a coffee subscription.  They in turn give me a $5 credit giving me a total of $55 to use - each month.  I then place an order which is less than the total of $55 and a credit is left adding to the $55 next month.  How do I record the $50 going out? How do I record the credit of $5 added to my subscription? And then how do I record the actual purchase?  I have tried to explain it as clearly as I can. Thanking you in advance.

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Tracey_H
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Re: Subscription payment to supplier and a credit received from supplier.

Hi @Margaretf 

 

Thanks for your post. One way to record this would be as a supplier prepayment. I'll give the help article to guide you through recording these transactions but basically you would:

 

  1. in Enter Purchases record a $0 bill for your coffee supplier
  2. in Pay Bills tick Include Closed Purchases and apply a $50 payment to that $0 bill
  3. in Enter Purchases record a credit for the $5
  4. when you make your monthly purchase, say $25, record a bill in Enter Purchases
  5. go to Purchases Register>>Returns & Debits tab, select the $50 debit note and click Apply to Purchases
  6. when the Settle Returns and Debits window opens change the debit amount to the actual purchase amount, say $25, and apply to the purchase bill
  7. in this example you would be left with a $30 credit with this supplier

Supplier prepayments 

 

Please let me know if you need further help.

 

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

Cheers,
Tracey
Previously @bungy15

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Margaretf
Contributing Cover User
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Re: Subscription payment to supplier and a credit received from supplier.

Thanks Tracey

I have just put the payment and credit through and everything has worked out.  I really appreciate your help and it will be so much easier moving forward.

 

Kind regards

Margaret

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