TUG News & Updates: General

TUG Tip -- Sage 300 CRE: AP, GL, & JC

Wednesday, November 1, 2017   (0 Comments)
Posted by: Dora Ardelean, Morley Builders
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Sage 300 CRE Tip: AP, GL, and JC

Recording a Refund from an AP Vendor

Refunds from AP vendors happen occasionally when an invoice was overpaid, or double paid or items were returned after the invoice was paid. Depending on the timing, there are several ways to record a refund from an AP vendor:
I. If a refund is received after the job has been closed out and the 1099’s have been created, we credit the refund to miscellaneous income and move on. 

II. If the refund is received for a current project, you will want to show the refund in job cost as well as reducing AP year to date total for the vendor:
1. Enter the refund as a deposit in CM and hit your suspense account
2. Enter a negative check in AP: if you are using a paperless system you can scan the deposit check in as the invoice back-up. In the invoice distribution, code the invoice using the original invoice coding
3. Enter a positive check in AP: If the vendor gets 1099 notice, make sure the distribution is 1099 Exempt. Code the invoice to your suspense account.
4. Use the AP-Task Record Manual/Print Quick Checks to cut a manual check for a zero amount. Select the positive and negative invoice to clear both of them or you can clear both invoices the next time you pay that vendor.

III. If you aren’t concern about the vendor showing the refund (if they don’t receive a 1099) you can skip steps 2 to 4 and use JC-Task Enter Direct Cost to enter the refund directly to job cost (as a negative amount) with the credit account being your GL suspense account.

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