Hi Peter. I’m trying t reconcile my bank account and I have an item that I can’t reconcile. Basically a client paid me 8k on account so I issued them a credit note for same. When it came around to invoicing I discounted the credit note from the amount owed to me. So now in my bank reconciliation it is shown 8k income that I can’t offset against that credit note. Do you know how I can resolve this? Do I need to delete the credit note and re-invoice?? How do I deal with this more efficiently in the future?

Vote Up
0
Vote Down

Hi Peter. I’m trying t reconcile my bank account and I have an item that I can’t reconcile. Basically a client paid me 8k on account so I issued them a credit note for same. When it came around to invoicing I discounted the credit note from the amount owed to me. So now in my bank reconciliation it is shown 8k income that I can’t offset against that credit note. Do you know how I can resolve this? Do I need to delete the credit note and re-invoice?? How do I deal with this more efficiently in the future?

1 answer

Vote Up
0
Vote Down
Peter Connor ⋅ Staff November 16, 2016
Public

Hi,

I’m actually not sure how  you’d handle this. Credit notes are designed in Bullet for reimbursement or discounting. Not as a credit line. 
Your accountant would probably be the person to talk to, as you might be hit for the VAT on the 8k so I’m not sure if you need to declare that now or over the course of the jobs. 
Please let us know what you’re accountant says, we’d be keen to share the answer with the community. 
Thanks Pete 

#answer-4378

Please login or Register to Submit Answer