The easiest way to create a credit note is through the source document for
the receipt or issue of the goods or services. A credit note is usually the
result of a customer's complaint about the quality or quantity of goods supplied.
In this chapter, we'll be creating a credit note at a warehouse where stock
valuation by average price is used. We will be creating
a credit note in the Credit Note document type (see
Wholesale Credit Note).
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For credit notes with the LIFO and FIFO valuation methods:
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If you're creating a credit note for imported goods, you usually have to use a
different tax number than for sales for export - for the specifics of credit
notes to foreign customers, see
VAT when Exporting Goods. |
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The only date that can be used as a base for reducing the value of input VAT is
the date the credit note approved by the customer is received. When you receive
an approved credit note, enter the date on which it was received in the
Invoice field. |
With the
procedure shown here, the program creates document lines identical to the lines
of the original document. Only in this case, the VALUES are NEGATIVE. This way,
you will:
1. once
again burden stock with the entire issued quantity
2. once
again burden stock with the reversed value of the valuation price
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This is why it is
important that when creating a credit note, the valuation price on the
issued invoice is CORRECT. For this reason, the program will see to a
recalculation of valuation prices before the reversal. A
recalculation of valuation prices will NOT CHANGE valuation prices or
inventory values reversed in this manner.
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3. reverse
the value of the receivable, the income, and the tax
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If you have multiple issue document types with different automatic
posting settings (in this example 300 - Wholesale and 310 - Retail), a
matching number of document types for posting negative values must be
created for them. |
Example:
You've sold 6 pieces of the item ITEM01 at the sale price (minus VAT) of 1,000
EUR, and have issued an invoice for the sale.
1. Invoice for the Sold Goods
2. Credit Note
Create a credit note on the basis of the customer's complaint.
The easiest way to create a credit note is by opening a new issue document
header and clicking the Add button
in the lines of the document. Select the Change Sign (Reverse Document) option.
Once you check this box, the Re-Read Valuation Prices option will automatically
be selected. This will make sure that the valuation price is recalculated before
it is reversed (see Checkboxes
in the chapter on adding).
In the panel for selecting lines (see Lines to
Transfer), you can also change the quantity to be transferred to the credit
note as needed.
This way, the program will create document lines identical to those in the
original document, on here the QUANTITY will be NEGATIVE. This way, you will:
- once again
burdden stock with the entire issued quantity;
- once
again burden stock with the reversed value;
- reverse the value of the receivable.
- In the Links |
VAT tab, the VAT date from the invoice for which
the credit note has been created will be displayed. This makes it possible
to report a supplement for the specific tax form (provided this type of
attachment has also been previously selected).
3. Issue
If you're reversing a document, the previous step was the last one. But if
you and your customer have agreed to reducing the sale price (due to hidden
flaws), enter a new line in the credit note with a POSITIVE quantity and a new
sale price. This way you'll:
- once again issue goods from stock
- increase the value of the receivable by the new sale price
- once
again unburden stock with the valid valuation price. In this case, it has
changed in the interim - it's gone up to 801.43 EUR.
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This is why it is
important that when creating a credit note, the valuation price on the
issued invoice is CORRECT. For this reason, the program perform a recalculation of valuation prices before the reversal. A
recalculation of valuation prices will NOT CHANGE valuation prices or
inventory values reversed in this manner.
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If you were to create a credit note in the same document type as
the original document...
or in a document type where the Fill in Purchase Price from Current Warehouse
potion has been selected,
the consideration in step 3 would not be possible: the valuation
price is updated following a recalculation of
valuation prices. However, this way it is not possible to guarantee
that the reversed value of the issue is the same as the original value in the
issued document.
That's why this procedure is not recommended!
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