Hi,
Today, I just update the Manager to 16.7.93 & what I see that my net profit was increase then I check the inventory & found that refund from supplier was not recorded. So, can anyone please tell me how to record refund from supplier
Manager
old version 16.5.36
Are your two screen shots of the same date without any other transactions, as the variation between the net profits is 4072.48, but the illustrated refund is for 33288.15 ?
yes
You have bigger problems than you have described. Basically, none of your figures under Amount except for the 06/01/2016 sales invoice are the same from one screen shot to the other. And the second shot includes a purchase invoice that the first does not (perhaps that is just because you captured different parts of the screen). So even after you properly record the refund, you will have different net profits.
Regardless of the version of Manger, refunds from suppliers are handled with Debit Notes. Enable that tab under Customize.
So why does your profit variation value not match the refund value
@Tut check the below screenshot of old version & amount is different because refund is not recorded in newer version & also how do i record in debit note if i got the refund in my bank a/c
I’m explaining with example if it is not clear
Purchase the item A 1000kg of usd 1000
Due to bad quality supplier refund usd 100 to my bank a/c
so my actual item cost will be now usd 900 but newer version it not showing
also my bank a/c balance in both version is same.
My observation about amounts differing has nothing to do with the refund. Yes, that would affect the Balance column. But, for example, look at the 29/01/2016 transaction, quantity change of -1008. In the old version the resulting Amount is -61,766.67. In the new version, it is -63,485.65. Such disparities are repeated for virtually every other entry. Thus, the differences in net profit are due to something in addition to the refund.
The debit note adjusts inventory quantities and amounts owed to the supplier. It will not affect your bank balance. If there is an actual receipt in your bank account, Receive Money in that account and allocate the receipt to Accounts payable, the Supplier’s subaccount, and–if desired–a specific purchase invoice.
Once again, all your transaction amounts are different. Is it possible in one everything is tax inclusive and in the other everything is tax exclusive? Until you sort out that problem, you will not be able to solve any other–if others actually exist.
@Tut their is no tax on any invoice. Amount difference is because newer version is not reducing the item value.
Retained earnings
old
new
Also check this thread https://forum.manager.io/t/refund-from-supplier/2572
I have done the same thing what @lubos said on 2nd comment
Why do you think the item value should be reduced?
Also, are you producing these screen shots using the same data base? Not all, but some software updates change the data base so it cannot be used by an older version. If you want to compare before and after results, you need not only old and new versions of the software, but also old and new versions of the data base.
@Don1, I keep trying to ask you why the transaction amounts in your old versus new examples differ. No one else reports such a problem, so I think this must be related to something you are doing, not a bug in the program. It is impossible from the screen shots you have shown to know how these figures were entered, or why debits and credits in Retained earnings from the same sales invoice are different within the same version, or why amounts different from old to new version.
If you want help sorting this out, you need to pick a single invoice and explain every single thing you did, from creation to final payment, including all quantities and amounts, and show relevant screen shots. Show the sales invoice edit screen and the receipt screen from the applicable cash account. Do this in both old and new versions, using data files matched to the versions.
OK I’m explaining all again
on 1/7/16 bank balance is 1,00,000
old
new
On 25/07/2016 purchase item A 1000kg of 10,000
old
new
On 26/07/2016 paid to supplier
old
new
On 27/07/2016 got the refund from supplier in my bank a/c 1000
old
new
my Total Bank balance
old
new
now first sales invoice on 28/07/2016
old
new
Second sales invoice on 28/07/2016
old
new
third sales invoice on 29/07/2016
old
new
fourth sales invoice on 29/07/2016
old
new
inventory item
new
old
Thank you for the detailed information. The reason for your discrepancy is that you entered the refund without a quantity change. This lowered the average cost of inventory item A. That action had the same effect as having received a discount from the supplier. Therefore, the net profit would be greater.
If you received the refund because some of the delivered product was defective, you need to write off the relevant portion of the inventory so the average cost of remaining stock stays the same. Or if you have sent the inventory back to the supplier, you need a purchase invoice with a negative quantity and price.
This has nothing to do with different versions of Manager, except that your old version might not have handled inventory as well, depending on how old it was. This is related purely to average cost of inventory on hand. You can search this forum for that topic (average cost) for additional discussions. (There have been quite a few.)
But I dont want to change my quantity. Quantity is same only inventory on hand value need to decrease.
i have done the same what @lubos said but newer version not allowing the 0 in Qty column . If I write 0 in Qty column, amount column is also getting 0.
Given what you say in your last post, I don’t understand what you think your problem is. Sorry. Maybe someone else can help you.
To record refund from supplier for inventory items, you actually can’t use Receive money transaction.
Receive money transaction on inventory item will be interpreted as sale to customer but since your quantity is zero, it would not affect inventory at all.
So here are your options:
Debit Notes tabSpend money transactionThank you so much @lubos negative Spend money solve my problem & also thank you for giving the simple, easy & free accounting software in just 3 mb setup. 