Processing Fleet Credit Notes in COSTAR
This document outlines the general procedure
used to process Adjustment Notes received for Manufacturer Credits (such as CDD,
B106, DANs etc.).
In the Suppliers menu;
1. Select AP Invoice Entry.
2. Click New.
3. Enter the Supplied Total.
Note: For a Credit
Note the Supplied Total should be entered as a negative value.
4. Click on Entries.
5. Change the Document Type to Credit
Note.
6. Enter the Credit Note Number from
your paperwork.
7. Change the Description if
required.
8. Select the Date of the Credit
Note, which may not be the date that you are entering the adjustment into
COSTAR.
9. Enter the Total Amount of the
Credit Note, inclusive of GST.
Note: As you have
already identified the document as a Credit note you can enter this value as a
positive amount.
10. Select the Supplier from the drop-down list.
Note: All of
the above information will be available on the Credit Note from your supplier.
In the Distribution area;
1. The Amount from the top of the form will
automatically populate on the first line of the distribution. Only change this
if you need to split the coding of the credit note to different
GLs other than just
GST.
2. Tab to the Sub-ledger field and enter
the Customer code for the invoice being paid (e.g B106) or click the drop-down
to search for the account by name. This
will also add the appropriate Customer GL into the GL field and the matching
Description into the GL Description field.
3. Use the Apply to document # field to assign
the credit against the appropriate invoice.
4. You will receive a message about a value that is
still unapplied (the GST component that will be applied next). Click on Yes to accept the warning.
5. This will put the remaining value onto line 2. Change
the GL code on this line to your GST Claimable code (90100).
6. Close the document.
Note: In the top right of the window is a Batch Totals summary where the Supplied and Actual values should match and the Documents Totals Debits and Credits should also match.
When all entries are correct and you
are ready to finalise the batch;
1. Click Back.
2. Tick the Post? check box on the
batch you just entered.
3. Select Post from the top toolbar.
4. Select the appropriate accounting period to
post the batch into.
5. Click OK.
The Credit Note that you just processed will
now be on the Supplier’s account
and has also been applied to the Customer Account to move it to
History.
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