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.
Related Articles
Stock | Utilities | Stock Price Update
(Please note that certain relevant content from the IQ Retail Training Team was used to develop the knowledge base article.) The IQ Stock Price Update module has been designed to allow users to import their own stock master file details (stock ...Stock | Maintenance | Attachments
Version: 2024.8.0.0 Overview: A new tab was added to Stock Maintenance, namely “Attachments” which enables the attaching of images & documents such as brochures, data sheets, technical specifications etc. per product with the view to store documents ...Debtors and Creditors Month ends
Question: We recently moved over from another accounting system to IQ and we had to perform manual month ends? How does IQ works and what is the impact on our debtors and creditors balances? Answer: The sole purpose of creditors month end is to age ...Stock | Utilities | Stock Transfers | Load Document
Question: I have created a Stock Transfer Out and saved the document. However, I am unable to recall or load the document now. How do I load the document? Answer: To load the document that was saved before. Proceed by creating the stock transfer ...Creditors | Allocations | Functionality
OVERVIEW In this knowledge-based article, we will explain how the functionality works in Creditors Allocations. FUNCTIONALITY An example of a creditor account is below for demonstration purposes for the Creditors Allocations module. DEBIT ACTIONS ...