i) Total value of refunds from
Refunds report– process as a POSITIVE value to your Income account
(this will create a debit to reverse previously recognised revenue credits) - $800.00 in example
ii) Total value of any payments from payment
Summary report– process as NEGATIVE values to
various Revenue accounts - $450.00 in example
iii) Total Kindo Fees GST inclusive from the Kindo
Invoice – process as a POSITIVE value to the Kindo
fees expense account - $27.14 in example
8. The net value will be a
positive credit note - which is the same as a negative invoice from an accounting
perspective - $377.14 in example. This amount is payable from the school to Kindo.
9. TIP: You may wish to
open a second window in XERO and use Copy and paste function to populate your
Credit note fields from the draft invoice that has been created. Alternatively print out the Draft invoice
and use that as a reference for accounts and sub totals – then simply reverse the signs – i.e. All positive
values from the invoice should be entered as negative values on the Credit note.
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