The procedure for entering a
credit note from a supplier is essentially identical to that for a
credit note to a customer.
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 the
valuation of stock by average price has been
selected. We'll create a credit note in the same document type as the receipt.
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For credit notes with the LIFO and FIFO valuation methods:
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Using the
suggested procedure, the program will create document lines identical to the
lines in the original document, only here the QUANTITY is NEGATIVE. This way,
you will:
1. reduce stock by the entire
received quantity
2.
reduce the value of stock by the reversed value using the valuation price
3. reverse the value
of the payables
Example:
A supplier has supplied 10 pieces of ITEM01 at the price (minus VAT) of 150 EUR,
and has issued an invoice.
1. Invoice for Received Goods
2. Credit Note
On the basis of the record of the complaint, the supplier has approved your
complaint and presented you with a credit note.
The easiest way to create a credit note is by opening a new credit note document
header and clicking the Add button
in the lines of the document. Select the Change Sign (Reverse Document) option.
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Once you select the Change Sign option, the program add the movement from the
line of the supplier's invoice. This will transfer information about:
- discount
- included direct costs
- included customs
- tariff number and
tax %
- valuation price
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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 creates document lines identical to those in the original
document, only here the QUANTITY is NEGATIVE. This way, you'll:
-
reduce your stock of the
entire received quantity
- reduce the value of your stock by the reversed value of the valuation price
- reverse the value of the
payables
- record the VAT date from the invoice for which you are creating the credit
note in the Links |
VAT tab. This makes it possible to create a
print-out of an attachment to the specific VAT form (if you've also
previously selected this type of attachment).
3. Receiving
If you're reversing a document, the previous step was the last one. But if
you and the supplier have agreed to reducing the purchase price (due to hidden
flaws, for example), enter a new line in the credit note with a POSITIVE quantity and a new
sale price. This way you'll:
- once again receive the goods
- increase the value of payables to supplier by the new price
- once again increase the stock
by the newly calculated valuation price. In this example, the supplier has
lowered the price by 10%
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