Record a purchase refund

Please note that this process is also covered by the Easy Steps component.

Refunds are recorded in the Purchase Transactions Component.

Select the component, either by clicking on the Purchase Transactions icon, or by choosing Payments > Purchase Transactions from the main menu.

There are five fields which MUST be completed for the transaction itself to be considered complete by the software: Tax Date, From Account, To Account, Total Amount, and VAT Code (provided you are Tax registered, note that the text here will vary depending on your tax regime). There are further fields which can be filled in to embellish the transaction with extra information, such as Supplier, Reference.

Next, click the Accounting Software button add Create a new transaction button in the top toolbar. This adds a new transaction line to the table.

Enter the date in the Tax Date field. As you start typing, a pop-up calendar will appear. You can either click on the required date, or type it in manually. The software will recognise most date dividers, such as full stops, slashes, etc.

The From account will be the account that the refunded money is being paid into (eg. the Bank). The To account will be the expense or purchase account where this purchase was originally recorded. Enter the Total amount as a negative figure. Enter the relevant VAT code and you are done. By entering a negative amount, you are reversing the original transaction.