Using Expense Credit Notes for Refunds

  • Updated

Raising an Expense Credit Note is essential for accurate financial reporting and proper budget management. Using an Income Invoice to account for refunded funds may incorrectly inflate your property income figures. To maintain financial integrity, follow these steps:

How to Raise an Expense Credit Note

  1. Navigate to Income & Expenses.
  2. Click on the New Expense Credit Note button located on the top-right corner of your screen.

[Add a screenshot showing how to navigate to the New Expense Credit Note button]

Allocating the Expense Credit Note

With the Expense Credit Note created, proceed to allocate it for a refund:

  1. If available, select the Refund option during allocation.
  2. If the Refund option is not visible, return to the Expense Credit Note.
  3. Use the ellipse (three-line menu) to select Allocate Credit Note.
  4. Choose the Refund option and then finalize the reconciliation against the Expense Credit Note.

By following these steps, you can ensure the refunded amount is accurately documented and managed within your financial system.

Processing an EFT Payment

Process an Electronic Funds Transfer (EFT) for the refunded amount:

  1. Record the EFT payment against the allocated credit note in your financial system.
  2. It's important to ensure that this transaction aligns with your Property Budgets and Financial Reports correctly:
      • If the transactions occurred within the same Close of Period, everything will be nullified in that period.
      • If they span across different months, the nullifying effect will be reflected across those months.

Reconciliation and Finalization

After the refund is processed:

  1. Your system will display the refund as an Unpresented Deposit.
  2. During reconciliation, look for the 'gold coins' symbol to identify the refunded amount.

Proper reconciliation will ensure that your Client/Trust Account accurately reflects all movements.

See these related articles for further assistance:

  • Article 1
  • Article 2



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