Refund

Introduction

A refund can be given to a client who has overpaid the practice. For example, if an invoice has been posted for £1175 and the practice receives a receipt for £1200, then the client has overpaid by £25. The practice can refund the client £25 and record this within the Fees Ledger as a refund.

VAT on refunds

A refund posting does not include a VAT element. For example, making a £10 refund does not include any VAT.

A refund posting can only adjust the VAT liability for practice's that are a low turnover business or post invoices as proforma, and the refund has been matched to a receipt with VAT accounted on it. For example, by posting a £100 refund to a credit note for £117.50.

Nominal Movements

The Fees Ledger keeps a nominal breakdown for each posting. This can be used to group and track invoices, receipts, credit notes, refunds, write offs that have been posted into the Fees Ledger.

Click on the option below to view nominal movements by practice type:

Nominal postings for normal invoices

Nominal postings for low turnover businesses that post invoices

Nominal postings for business that post proforma's.

Click here for an explanation of practice type.