Purchases - Reverse Batch Entry / Credit Note

THE PURCHASES BATCH ENTRY OPTION IS TO RECORD PURCHASE INVOICES RECEIVED FROM TRADE SUPPLIERS FOR PURCHASES MADE BY THE BUSINESS.

 
TO REVERSE A PREVIOUSLY ENTERED PURCHASE BATCH ENTRY ENTERED TRANSACTION OR TO RAISE A CREDIT NOTE AGAINST A PREVIOUS TRANSACTION SIMPLY RETURN TO THE ORIGINAL BATCH ENTRY TRANSACTION SCREEN AND ENTER A MINUS AMOUNT AGAINST THE APPROPRIATE ACCOUNTS.
 
 

PURCHASES >  BATCH ENTRY 

                                                                        
                                                            
Reference                                      
 
This is the internal reference that will cross reference the original physical invoice received from the Supplier which is being reversed / the credit note being entered.
 
 

Date                                                                                                

Date of original purchase invoice being reversed / credit note issue date.
 
 

Supplier                                                                 

Select the Supplier name from the list of Suppliers (F2) to which the original purchase related to that you are reversing / issuing the credit note.
 
 

Narrative

The Narrative field is an optional entry which may be used to give extra explanation or identify further the purpose of the reverse entry / credit note issue.
It would be advisable to use this field to reference the original batch entry purchase transaction that you are reversing in the case of reversals.
 
 

Nominal Account                                      

Select the same original purchase / expense account to which the original purchase invoice was posted.
 
 

F5                                                                                       

The F5 function key will display a historical breakdown of the transactions on the Supplier account (N.B. excluding any transactions within the current live batch as such entries have not been posted).  This will help identify the original purchases / expense account to which the original purchase was posted which should be selected for this transaction entry.
 
 

Amount                                                                  

 
Enter the Gross amount (bottom line figure inclusive of VAT) as a MINUS figure.
 
 

VAT Rate

The VAT rate is automatically linked to the appropriate purchase account used, e.g. is you choose "purchases at standard rate" then a VAT rate of 23% will automatically be linked to the purchase.  If you require a different VAT rate to be applied to the transaction entry then simply arrow through the VAT rates shown.
Simply stop on the appropriate VAT rate and this will apply to the transaction.
 
 

Post Entries

 
Select "Post Entries" to process the transactions once the batch is complete.
 
 
IF APPLICABLE, ANY VAT ELEMENT ATTACHED TO THE REVERSAL WILL FLOW THROUGH TO THE NEXT VAT RETURN PREPARED. 

Need help? Support is available at 01 8352074 or support@thesaurus.ie.

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