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ELSLtd
January 25, 2023
Question

How do I enter a Credit Note?

  • January 25, 2023
  • 2 replies
  • 0 views

Hi, I'm completely new to this so forgive me. I have signed up for "Simple Start" plan, as I now need to file my VAT digitally.

 

I have entered all my supplier invoices one by one. And also all my sales invoices. Now I need to enter any Credit Notes from suppliers. Is there a way? I tried to enter as a normal invoice but make the figure minus, however it says error.

 

But I cannot find how to do this. If I click "+" and select "Supplier Credit" it asks me to change my plan/price. But the plan I'm on, Simply Start, says features are "MTD Ready" & "Submit VAT Directly to HMRC". So I assume that everything I need to do for filing VAT (such as credit notes) would be included in this plan.

 

And IF I have to upgrade to a premium plan, which one do I choose? Because it doesn't tell me how expensive I need to go to activate this feature!

 

Thanks

2 replies

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GeorgiaC
January 25, 2023

Hi ELSLtd, thanks for joining the QB Community - supplier credits are only available through our higher tiered plans; the lowest plan to access this is QB Online Essentials, which is priced at  £24 p/m + VAT. Alternately, you can enter a credit on the supplier account manually using a journal entry - we'd recommend reaching out to your bookkeeper or accountant if you're unsure on how to enter this. 🙂

K
Karlene_1
May 22, 2023

Sorry, but why is this not in the simple plan? I am in the same dilemma trying to workout how to enter the supplier credit notes as I am doing a training course. 

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SQ123
May 9, 2023

This is the EXACT same situation as I'm in! There's loads of suggested work-arounds, but I still can't see how to match all of the invoices, and credit notes to my corresponding bank transaction (the payment that I made to my supplier for my monthly statement). Have you discovered how to do this yet?

Bryan_M
Bryan_M
May 9, 2023

I appreciate you for joining the thread, @SQ123.

 

Let me help you with this. To match your invoice and credit notes to your bank transactions, link them before performing a match to the transactions to your bank. Because if there's an excess credit note that hasn't been linked to an invoice, this will not allow you to match the transaction.

 

However, there are cases that transactions can't find a match. These are:

 

  • The date doesn't match.
  • The bank account on the payment isn't the same as the bank where the match is located (Or the connected bank account is set up as a credit card).
  • The amounts don't match.
  • The payment has been reconciled.
  • There's a Multicurrency issue with exchange rates.
  • It's already been matched to something else.

 

Additionally, if it's older than six months, you'll need to select "Find Match" to locate the match, since the banking system will only read less than six months of transactions by default.

 

After reviewing this checklist and the issue persists, I recommend excluding transactions that hinder you from matching transactions to your bank.

 

Learn how to use bank rules to automatically categorize transactions from your bank by reading this article: Set up bank rules to categorise online banking transactions in QuickBooks Online.

 

Let me know how it goes to ensure that the issue has been resolved, and if you have additional queries about matching and reconciling your transaction in QBO, route back yourself here. I'll be happy to lend help. Have a blissful week!

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