Supplier Credits are credits you receive from your supplier when your supplier owes you money. They owe you due to overpayment or
return of damaged goods that you have already paid. The credits can be used to pay the supplier when you purchase from them again.
Creating Supplier Credits
Go to Expense tab and select Supplier Credits.
Click Add New Supplier Credits
Enter the required fields ( * ).
Select the Supplier.
Select the Branch.
Enter the Transaction Date.
Enter a Credit Note No. for reference to the supplier credit that you're creating.
Select the Item in which the credits occured.
Select an Account where you want to track the credit.
Select Branch of your company.
Refer to the invoice given by the supplier for the Quantity, Rate
and Amount of the item.
Enable Cost Center
Head to Company Setup > Default Settings, click System Preference tab to enable cost center.
Once enabled, Cost Center column will be added in the item table of supplier credits form.
Approving Supplier Credits
- Mark the checkbox of the supplier credits row that you want to approve.
Click Bulk Action and click Approve.
To reject a supplier credits, check the row of the supplier credits, click Bulk Action and click Reject.
A confirmation modal will appear, click OK.
Using Supplier Credits
Apply to Accounts Payable Vouchers (APVs)
Supplier credits can be applied to AP Vouchers of the supplier you created the supplier credits for.
To do this,
- Click the gear icon of the supplier credits row and click Apply to APVs
- A list of vouchers assigned to the selected supplier is displayed. Select a particular voucher.
- Indicate the amount to be applied.
Supplier credits will be in Closed status, once you have used up all the credits.
Supplier credits can also be refunded when you or the supplier decides to do so.
To record this,
- Click the gear icon of the supplier credits row and click Refund
- Specify the Bank and the Bank Account you want to record the payment.
- Specify the amount to be refunded and provide a Particular or additional details of the payment.
- Click Save.
- If you used up all the credits, the credit note will be closed upon saving.
To cancel a supplier credits,
- Check the row of the supplier credits, click Bulk Action button and click Cancel.