Outstanding Credit Note

In our earlier post, we discussed about how to record the outstanding sales invoices.

If you have a Debtor’s Credit Note outstanding as of the crossover date, you need to record it into the MoneyWorks accounting software too.

Create the Sales Invoice as per normal, that is, using the Setup account for the opening balance; then before saving the transaction, click the Reverse button to reverse the Sales Invoice into Credit Note.

The double entry of the credit note will be debit Setup account and credit the Accounts Receivable account.

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