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Account Usage S/L - Credit Card

This page describes the 'Credit' card of the Account Usage S/L setting. Please click the following links for descriptions of the other cards:
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If you want to specify separate default Sales Accounts and VAT Codes for use in Credit Notes, you can do so here. Be sure to select the Use Credit Sales Accounts option on the 'Debtors' card as well.

Please refer to the description of the 'Sales' card for details about Sales Accounts and VAT Codes.

If you would like to use the same VAT Codes in Credit Notes but have them post to different Output VAT Accounts, you can specify those Output VAT Accounts on flip D in the VAT Codes setting. There is no need to select the Use Credit Sales Accounts option in this case.

These Accounts and VAT Codes will be used when no credit Sales Account or VAT Code has been specified for an Item Group and for Items that do not belong to an Item Group. If any field here is blank, the standard Account or VAT Code from the 'Sales' card of this setting will be used instead.

Don't use Automatic Autotransactions on Credit Notes
If you use an Account with an Automatic Autotransaction in an Invoice, the Autotransaction will be applied automatically to the amount that you post to that Account when you mark the Invoice as OK and save. If you then credit the Invoice, the Autotransaction will be applied automatically once again. Use this option if you do not want the Autotransaction to be applied automatically to the Credit Note. Please refer to this page for more details about Automatic Autotransactions and an example.

Automatically set Disputed Flag on Credit Notes
Select this option if you would like all Credit Notes to be marked as Disputed automatically. Please refer here for details about the Disputed check box.

Do not allow Credit Invoices without No.
Check this box if you would like Credit Notes always to be allocated to previous Invoices.

Require Credit Note Reason
Select this option if you need it to be mandatory that a Credit Reason is specified in every Credit Note.

If you are likely to use the Credit Notes Only option when producing the VAT Customer Sales report, it is recommended that you select this option. The Credit Notes Only option will cause the VAT Customer Sales report to summarise the Credit Notes issued to each Customer, sorted by Credit Note Reason. Credit Notes without Reasons will not be included in the report, so using this Require Credit Note Reason option will ensure that every Credit Note will be included in the report.

Credit Notes Total value may not exceed Invoice value
Use this option if you want to prevent the possibility of a Credit Note having a greater value than the Invoice being credited. If you create more than one Credit Note from a single Invoice, the total value of those Credit Notes will be limited to the value of the Invoice.

This option does not take into account any payment you may have received against an Invoice. It simply compares the value of a Credit Note with the value of the Invoice being credited, less the value of any previous Credit Notes. If you need the value of a Credit Note to be compared with the outstanding value of the Invoice being credited (i.e. taking payments received into account as well as previous Credit Notes), use the Disallow over-receive Invoice option on the 'Debtors' card of this setting.

If you create a Credit Note from an Invoice using the 'Credit Note' function on the Create menu (Windows/Mac OS X) or + menu (iOS/Android), it will not be possible for an individual row in the Credit Note to have a higher value than the corresponding row in the Invoice, irrespective of whether you are using this option. A Credit Note created by duplicating an Invoice and changing the Payment Term will not have the same control, because the rows in the Credit Note will not explicitly be connected to rows in the originating Invoice (this connection is made using the Cred. Row field on flip F of the 'Items' card of the Credit Note).

Please refer here for more details about creating Credit Notes.

Negative Amounts on Credit Notes Printout
When you print a Credit Note, all figures will by default be printed as positive. If you would like them to be printed as negative, select this option.
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Settings in the Sales Ledger:

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