Looking for best practice advice.
Have entered purchase invoices onto system from supplier. Invoicing by supplier has been duplicated in that we had to pay a percentage of the PO and then the balance. Supplier has presented invoices for both the percentage and the full amount. We have only paid the invoice once. Therefore I have invoices on the system that we do not owe for. What is my best way to deal with these invoices. Such a enter dummy credits and put my story with them or should I simply delete the invoices from the system. Vat- tax exempt Code 0 - outside the scope of Vat.
Looking for guidance on best practice. Thankin you
Welcome to the Community page,
We would say delete the second bill that you don't need. If you entered 2 and only paid one, the second one isn't going to be paid, So isn't essentially needed. Only problem you may have is if the unpaid bill falls into a prior VAT period, but then with it falling outside of the scope, it shouldn't make a difference for you.
Hello ME, so if it did fall into a prior VAT period, it would show as an exception on your taxes section, but with it being outside of the scope it never technically hit any boxes so it should be all good for you.
Sorry worded that question wrong. Say there was VAT on the invoice and I was in same situation. How would you then advise to deal with the invoice ie input dummy credit to deal with the VAT. This just question to educated myself on the QB. New to QB so learning every day. Thanking you.
Let me provide additional insights about deleting an invoice with VAT from a prior period, ME-.
You can reverse the invoice by creating a credit note, then re-raise the invoice correctly with VAT to write off the balance.
Here's how to create a credit note:
Then, apply the credit note to the invoice;
If you need to quickly add a product to the credit note as a single line item, you can create a custom service item. Check out this link for instructions and detailed steps: Add product and service items to QuickBooks Online.
Let me know if there's anything else you need on how to manage transactions in QuickBooks. I'll be right here to help you.