The effect on the purchase ledger of entering a purchase credit note is as follows:
the outstanding balance is reduced by the total including tax (if not ‘paid’)
the turnover figures for the account are reduced by the total excluding tax
the last transaction dates are updated
the creditors control amount is decreased by the total including tax (if not ‘paid’)
a credit note transaction is written to the transaction file, followed by an analysis line for each detail line
a payment adjustment transaction is written to the file if the credit note is marked as paid (which you may need to do if it cancelled an invoice also marked as paid)
If the purchase credit note is also linked to the stock control files, the effect on these is as follows:
the physical stock level is reduced
the last transaction date is updated
the relevant stock transaction are written (one per line item)
Article ID: 928
Created On: Tue, Jun 26, 2012 at 3:35 PM
Last Updated On: Mon, Jun 12, 2023 at 7:49 PM
Online URL: https://kb.datafile.co.uk/article/purchase-credit-notes-file-updating-and-ledger-controls-928.html