How do I post a credit note that affects the Time Ledger?
Article ID
ias-6915
Article Name
How do I post a credit note that affects the Time Ledger?
Created Date
26th September 2008
Product
IRIS Time and Fees
Problem
How do I post a credit note that affects the Time Ledger?
Resolution
Credit notes can be posted to affect the Time Ledger in variety of ways.
There are three main ways:
Do not affect the Time ledger
Cross billing reference
Post a Write back
Post a Write Back
This knowledge based article will explains how to post credit notes which post a write back
Credit notes can be posted to reduce the debt due on client invoices. For example, an invoice was posted for £1000 and a credit note posted for £50 to reduce the client debt to £50.
When you post a credit note, you may want it to affect your recoveries. For example, to show you have made a smaller profit. The recovery reports are based in the Time Ledger, so to see the credit note affect your recover you will need to transfer the credit note to Time Ledger. When this is transferred to the Time Ledger, it will post a write back posting: You may then match the write back posting to your invoice.
For further information about Credit notes see KB IAS-6912
There are three stages to posting a Credit Note via this method:
Post a credit note in Fees Ledger
Match the write back to your invoice
Unmatch Staff Time if required
Post a Credit Note in Fees Ledger
To post a credit note in Fees Ledger:
Log on to IRIS Fees from the IRIS Main Menu
Click on Postings | Ad hoc posting
It may ask you to select the period that you would like to put the Credit note posting to. For example, if you have two Fees Periods open, then it may prompt you; the posting will default to the most current period
The Fees Posting to Period (XXXX/XX) screen will be displayed, under posting type, click on Credit note
Enter the details for the Client For example A001
Enter the date. For example 01/09/08
Enter the Credit Amount. For example 200.00 this amount should be excluding VAT
Select the Relevant VAT rate
Ensure the Adjust T/L WIP is TICKED
You can either write out to a job or you could write the credit to several jobs. Place a tick next to several jobs
Click on the Post button
This will display the Credit Note: Distribution of WIP Written Back Screen
In the W/O WIP for job field, you need to enter the job ID (or click on the spy glass, highlight the job identifier and click on the Select button). For example Tax job
In the amount billed field, enter the credit amount. For example , if the credit note is for £50 and you want to credit the Tax job by £20
Click on the Add to W/O button
Repeat the previous three steps to the point at which you have allocated all of the credit note.
Click on the OK button
The posting made has reduced WIP for the jobs that have been written out to for the particular client. In this example the value of all jobs must be equal to £50
Match the Write Back to your invoice
Once you have posted a credit note and it has been passed to your Time Ledger, a write back will be posted. For example, posting a credit note for £50 will post a write back of £50 of WIP. You may wish to match the write back posting to your invoice.
Log on to IRIS Time from IRIS Main Menu
Click on Post WIP | Matching | Invoices/Write offs
Select the time period that you would like to enter a matching to, click on the OK button
Select the Client and the Job
Tick “Include” in the instructions already satisfied section
Highlight the invoice that you would like to match the Write back to, click on the Match button
Match Time Ledger Instruction screen will be displayed, locate the Write Back (W/B) that was posted when posting the credit note and double click on it.
The “to this” column with change from 0 to the amount that is being matched to the invoice
Click on the OK button
The Change W/O against Invoices/Write Offs screen will be displayed, click on the Update button
Click on the Cancel button to close out of the screen
Unmatch Staff Time
After you have posted a credit note you may wish to place some staff time back on to the client account. This is done by unmatching time from the invoice.
To do this
Log on to IRIS Time from IRIS Main Menu
Click on Post WIP | Matching | Invoices/Write offs
Select the time period that you would like to enter a matching to, click on the OK button
Select the Client and the Job
Tick “Include” in the Instructions already satisfied section
Highlight the invoice that you would like to unmatch Staff time from, click on the Unmatch button
Match Time Ledger Instruction screen will be displayed, locate the Timesheet posting (W/B) that you would like to unmatch, double click on it
The “to this” column with change from the amount that is being matched to the invoice to “0”
Click on the OK button
Change W/O against Invoices/Write Offs screen will be displayed, click on the Update button
Click on the Cancel button to close out of the screen
Related Articles
KB IAS-6913: How do I post a credit note that does not affect Time Ledger?
KB IAS-6914: How do I post a Credit Note using an Invoice cross reference?
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