Recording refunds from suppliers with your invoicing software
Invoicing software can do a lot more than create invoices. It can support a wide variety of business tasks, including managing your expenses.
When you order from a supplier, recording these expenses in your invoicing software is an important part of keeping track of your finances and will make a difference to your profit and loss statement. Therefore, if you receive a refund from your supplier, it’s necessary to record this refund accurately so retain a clear grasp of exactly how much your business is spending.
This article explains how to record a refund from a supplier by adding a ‘negative’ expense to your records. Guiding you through the steps, it reminds you how to register and categorise your expenses, match an expense with a bank transaction, and most importantly, handle a supplier refund so your expenses are still accurately reported.