Creditors | Single Journal | How to credit an account without effecting the stock ledger
Question:
There was an mistake on the creditor/supplier invoice?
We want to perform a credit note, but it must not effect the stock.
Answer:
We can post a credit note to the creditor via the single journal or batch journal module.
In this case the creditor will decrease (Debited) and the contra account in the general ledger will be credited (Credited.)
In turn the stock, transaction file and stock general ledger will not be impacted.
Steps:
Navigate to Creditors --> Single Journal
Select the Account Number in which where you want to post the Credit Note to.
Select the Journal Date, the date you would like the journal to display.
Select the Transaction Type CN.
Make sure the Ledger Allocation is pointing to the correct general ledger account.
Type in a Reference to reflect on the creditors transaction.
Type in the ZAR amount, make sure you select the VAT rate if it applies or not.
Note:
By default the system will have an default VAT rate of 1 on expense accounts, but just make sure with your accountant or auditor if that is the case.
This article relates to:
To proceed press on the Process button.
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