Here's what you need to do to record a refund for a paid bill in FreeAgent.
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.
2 Enter or explain the receipt
To enter or explain the receipt, navigate to the 'Banking' tab at the top of the screen and select 'Bank Accounts' from the drop down menu.
Choose the relevant bank account from the list of accounts.
Explain or manually enter the transaction as Type - Bill Refund, making 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 'Value' field as a plus.
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.
Select 'Create and Finish', or 'Create New Explanation', depending on which method you're using to enter your bank transactions.
FreeAgent is registered with the Financial Conduct Authority under the Payment Services Regulations 2017 (register no. 799763) for the provision of account information services.
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