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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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