How to manage Credit Notes

How to manage Credit Notes

Add a Credit Note

To create a one off credit note, click + Add Expense button then select “New Credit” option, Add Credit dialog shows.






You can add a Credit Note for an owner or for a horse.
  1. Charge To: If you want to create a credit note for an owner, you can select ‘Owner’. If you want to create a credit note for a horse, which will then be apportioned to owners based on their shareholding percentages, you can select ‘Horse’ .
  2. Date: the date of the transaction. Default is today but you can change it as required
  3. Source: the source of the credit or you can leave blank if you want
  4. Reference number: Credit reference number (optional)
  5. Description: Input the description for the credit.
  6. Invoice Message: the message displays in the owner statement. This is auto-generated from Description but can be edited.
  8. Choose to Apply GST To
- GST-Registered only: $ GST amount is only calculated for the owners who are GST Registered on their Owner Profiles
- All: $ GST amount is calculated and apportioned to all owners
  1. Amount Are: is the tax setting for the Credit. 
  2. Amount: Input the value of the credit.
  3. Receivable Account: the account you assign the credit 
  4. Tax Rate: tax rate % which is applied to the credit 
  5. Tracking Category: Select the tracking category you want to use to trace the amount.
Fill in above fields then click Save, the new credit is added as one line item in Transaction List. 

If you make a change and you want to reset, click on blue button Reset to revert the change.

Edit a Credit Note

You are able to edit a credit note if its status is “Pending” in the Finance > Transactions screen.

The majority of fields can be updated, however the system doesn’t allow change “Charge To” from “Horse” to “Owner” or vice versa. 

Delete a Credit Note

You can delete the pending Credit Note via the Transaction page.

Click the Trash / Delete icon in the Action column of the Finance > Transactions screen, and confirm.



Sync Credit Note to Xero

Prism has 2 settings about when the Credit note is synced to Xero:
  1. As default, any Credit Notes raised in Prism would only synchronise to Xero upon running the month end statement process in Prism.
  2. Another is custom setting, Credit note is synced to Xero immediately after creating. If you want to use this option, please contact us via email support@prism.horse.
You can see your setting in Prism's Organisation Config screen




Sync Credit Note to Xero after generating statement

This is default configuration.

When you run the statement wizard, Prism will automatically allocate Credit Note to Invoices. Both Credit Notes and the allocations will be synchronised to Xero.

If have remaining credit amount, this amount will automatically allocate to invoices of oldest statement.



ALLOCATION RULE FOR SYNDICATOR PORTALS

If you are a Syndicator:

-       Credit charge to horse will be automatically allocated to invoice of this horse in the current statement. If having remaining credit amount, it continues to allocate to invoices of this horse in oldest statement
-       Similarly, Credit charge to Owner only automatically allocate to miscellaneous invoice. If remaining credit amount, it continues to allocate to miscellaneous invoices of oldest statement.




 
Sync Credit Note to Xero after creation

If you choose to synchronise Credit Notes to Xero after creation, the status of the Credit Note remains pending until it is approved to generate Statement. This means you can still edit/delete the Credit Note in Prism and auto-sync the update to Xero.

Note however, that if the Credit Note has been allocated to an invoice on Xero, an error message will display requiring you to remove the allocation of the credit to an invoice. Removing the credit allocation will enable the synchronisation to proceed.




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