I paid for a laptop repair that was quoted at £100 and allocate the money to bank spend and expense account client repair expense account. However they were not able to repair the laptop due to the fact that it was a motherboard issue and thus not worth repairing, so they have only charged for the inspection fee. So they returned £50 to my bank account.
I know that the usual process would be for me to create a debit note against my supplier and I would pay less money next time as they would normally supply a credit note on their side. However I don’t intend to use them again and they refunded the money rather than supplying a credit.
So what I have done is I have done bank receive and selected expense account Client Repair Expense. Because this is the start of my financial year (I happened to pay the monies in March towards the end of my financial year), my expense account is now showing in the negative. I realise that when I pay for more repairs, this will go back into the positive, so I am not worried about that. However, I would just like to know if I have done this correctly.
@lubos I tried to find the information in your new guides, but this particular issue is not there yet. However, one thing I picked up is that I am not sure how to search the guides to find what I am looking for?