Customer Refund Sage Instant Accounts V16

Discussion in 'Accounts & Finance' started by DavidWH, Nov 7, 2011.

  1. DavidWH

    DavidWH UKBF Contributor Free Member

    Posts: 319 Likes: 34
    I've been trading 12 months, and have just had to issue my first refund.

    I raised the invoice in sage, it was posted to the ledgers, this morning the customer has returned the items, and I have written a cheque for part of the invoice total (she's not returned all the items yet).

    How's best to record this in Sage instant accounts?
    Posted: Nov 7, 2011 By: DavidWH Member since: Feb 15, 2011
    #1
  2. johndon68

    johndon68 UKBF Contributor Full Member - Verified Business

    Posts: 2,637 Likes: 509
    There are a couple of ways:

    Simplest is just to raise a bank payment to the same nominal code as the original invoice. Financially, your accounts will be correct but there will be no record of the refund on the Customer Account.

    The other way, which will show the refund on the customer account is as follows:

    1. Raise a credit note for the customer for the amount of the refund with the relevant values, tax etc.
    2. In the Customers section of the left hand toolbar, there should be a Write Off/Refund option - this will process the refund for you but should only be used if you are on Standard VAT Accounting.
    3. If the Refund option is not there or you are on Cash Accounting, you need to do the following:
    4. Raise an invoice on the customer account for the gross amount with a T9 tax code to the suspense nominal code. (If you are on Cash Accounting, raise it with the relevant tax & net amounts and tax code)
    5. Raise a bank payment for the gross amount with a T9 tax code to the suspense nominal code. (If you are on Cash Accounting, raise it with the relevant tax & net amounts and tax code)
    6. Go to Bank -> Customer, select the customer and both the credit note and invoice will appear - pay both in full and save.

    John
    Posted: Nov 7, 2011 By: johndon68 Member since: Nov 2, 2009
    #2
  3. DavidWH

    DavidWH UKBF Contributor Free Member

    Posts: 319 Likes: 34
    Cheers John.

    I am cash accounting - Which will explain why the customer refund box came up blank.

    I've done it the simplest way and just made a bank payment using the sales nominal code.
    Posted: Nov 7, 2011 By: DavidWH Member since: Feb 15, 2011
    #3