• TOR
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  • From: Pakistan
  • Registered: 01/07/2013
  • Posts: 44

Topic: Credit Balance adjustment with Supplier

We have made some payments (nine) on behalf of supplier for their promotion campaign. We used Bank Payments and debited an expense GL A/c (Supplier Promotion).

Supplier has adjusted his accounts and allowed us to adjust our accounts at our end. How do I make this adjustment so that a Credit is reflected in his Supplier Account and the GL A/c (Supplier Promotion gets even).

Regds

TOR

  • From: Singapore, India, Chennai
  • Registered: 05/02/2009
  • Posts: 6,160

Re: Credit Balance adjustment with Supplier

Journal Voucher / Debit Note

apmuthu's Website

  • TOR
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  • From: Pakistan
  • Registered: 01/07/2013
  • Posts: 44

Re: Credit Balance adjustment with Supplier

The Journal Entry will debit the Accounts Payable account (21010001), but not the particular supplier account. And there is no option in Purchases for a Debit Note (like there is for Credit Note). Or will a negative entry in Credit Note be okay?

  • From: Singapore, India, Chennai
  • Registered: 05/02/2009
  • Posts: 6,160

Re: Credit Balance adjustment with Supplier

Check if it denotes Credit Note from Supplier, otherwise try a negative amount.

Journal Entry should be able to credit / debit just about any account isn't it?

apmuthu's Website