UK Payment Received - Record Transaction


Joined
Jan 12, 2019
Messages
5
Reaction score
0
Country
United Kingdom
Hi,

I need some help on the best way to record the following transaction:

We make direct debit payments to a company for life insurance, £100 a month for a manager. He has now left the Company and didn't manage to cancel his policy in time, so he has now refunded the £100 to use via bank transfer. I wanted to know how I would now record this transaction please? Do I have to create a credit note against the supplier, then post the payment against this? Or is it enough just to balance the payments themselves?

I use Sage50.

Thanks!
 

kirby

VIP Member
Joined
May 12, 2011
Messages
1,538
Reaction score
212
Country
United States
Do not offset the payments against themselves. Record an entry showing the payment to the insurance company and an entry for the refund to you as dr cash and cr insurance expense.
 
Ad

Advertisements

Joined
Jan 12, 2019
Messages
5
Reaction score
0
Country
United Kingdom
Do not offset the payments against themselves. Record an entry showing the payment to the insurance company and an entry for the refund to you as dr cash and cr insurance expense.
Thank you!
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top