1. You receive a credit note from a supplier (purchase)…
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1. You receive a credit note from a supplier (purchase)
When you receive a credit note from a supplier (purchase), it means the supplier owes you money. In accounting, a credit note reduces your initial purchase expense.
2. Negative debit values for a purchase credit note (-€125.63):
If you enter a negative amount as a debit in your purchase account (for example, 607 for "Purchases of Goods"), Sage Accounting will interpret this as a reduction in the expense. In principle, Sage is designed to handle these situations correctly. If the initial VAT was debited on the original purchase, then a negative amount as a debit for the purchase credit note will result in a corresponding VAT adjustment.
3. 19.6% VAT credited in purchases:
If Sage credits the VAT (for example, 44566 for "Deductible VAT on Other Goods and Services"), this is generally the correct way to handle it. A VAT credit on a purchase receipt means that you reduce the VAT you initially deducted. In other words, you "repay" part of the VAT owed to you by the government.
When you receive a credit note from a supplier (purchase), it means the supplier owes you money. In accounting, a credit note reduces your initial purchase expense.
2. Negative debit values for a purchase credit note (-€125.63):
If you enter a negative amount as a debit in your purchase account (for example, 607 for "Purchases of Goods"), Sage Accounting will interpret this as a reduction in the expense. In principle, Sage is designed to handle these situations correctly. If the initial VAT was debited on the original purchase, then a negative amount as a debit for the purchase credit note will result in a corresponding VAT adjustment.
3. 19.6% VAT credited in purchases:
If Sage credits the VAT (for example, 44566 for "Deductible VAT on Other Goods and Services"), this is generally the correct way to handle it. A VAT credit on a purchase receipt means that you reduce the VAT you initially deducted. In other words, you "repay" part of the VAT owed to you by the government.
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