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Enter refund from a supplier

Here's how to record a refund that you've received from a supplier on FreeAgent.

This is what you should do if the original cost was entered as a bill. If the original cost was a bank payment, you can just explain the refund as a bank transaction using the type Refund.

1. Enter a bill credit note

First you need to enter a bill credit note for the amount of the refund. Enter this just like a bill, except that you need to put the total figure in as a minus.

total_minus

2. Enter or explain the receipt

When you enter or explain the receipt under Banking, choose type Bill Refund. You won't see this type if you have no unpaid bills in FreeAgent.

Make sure the date is correct, and the credit value. This is the amount you received. You'll have to enter these manually if you're entering the transaction yourself rather than explaining an uploaded transaction. The amount goes into the 'Credit Value' field as a plus.

refund_date_amt

Choose the bill credit note against which the refund was received. Search using the contact or the bill reference number, or if you want to search using the amount, put a minus in front of the amount in the search box.

choose_credit

Click Create New Entry, or Create New Explanation, depending on which method you're using to enter your bank transactions.

That's it - you're done!

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