Here's how to record a refund that you receive from a supplier on FreeAgent.
1. Enter a bill credit note
First you need to enter a bill credit note for the amount of the refund. Enter this just like a bill, except that you need to put the total figure in as a minus.
2. Enter or explain the receipt
When you enter or explain the receipt under Banking, choose type Bill Refund. You won't see this type if you have no unpaid bills in FreeAgent.
Make sure the date is correct, and the credit value. This is the amount you received. You'll have to enter these manually if you're entering the transaction yourself rather than explaining an uploaded transaction. The amount goes in as a plus - so no need to put in a minus sign on this screen.
Choose the bill credit note against which the refund was received.
Click Create New Entry, or Create New Explanation, depending on which method you're using to enter your bank transactions.
That's it. Job done.
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