ZUGSEIL Bookkeeping Tools (BKT)

Each transaction performed in ZUGSEIL requires book-keeping transactions.

Mainly there are transactions of purchasing, sales and internal distribution which become tracked. You may look up the relevant transaction in the overview of transactions relevant for book-keeping.

Goods Flow Actions and mapped Bookkeeping Transactions

SAP bookkeeping integration

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Bills - Invoices

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Billing requests

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Incomming Payments

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Credit notes

A credit note is a special form of invoice - it is also referred to as a reverse invoice.  

A credit note is normally based on a sales process that has taken place beforehand. A seller/supplier has sold his own products/merchandise or services to a buyer/customer. As long as the products / merchandise or services delivered by the seller / supplier are not objected to by the customer, the sales process is thus completed.

However, there are situations when defective or even wrong goods are delivered to the customer or the goods are damaged in transit or the customer does not like the goods. The reasons for this can be manifold. In these cases, the goods are usually returned by the buyer/customer to the seller/supplier in the form of a return of goods.

If the seller/supplier receives a return of goods for the above-mentioned reasons, the booking of the original sale of the seller's own products / merchandise or services must be reversed to the extent that the customer returned the "defective" / "wrong" / "don't like" goods.

In this case, the Seller shall issue a credit note for the Customer related to the return. A credit note must contain at least the following information:

1. name and address of the recipient and supplier of the service
2. tax number or VAT number of the supplier
3. date of issue
4. consecutive invoice number
5. description of the goods or services
6. date of delivery or service
7. payment broken down according to tax rates
8. tax rate and tax amount
9. (reference to the obligation to keep records in the case of taxable services)
10. very important: the indication of credit note

Example:

The company SteelPipe AG sends 10 steel pipes to Max Mustermann. For one steel pipe, SteelPipe AG charges a sales price of 1,250.00 EUR plus 19% VAT, so that the invoice amounts to 14,875.00 EUR. SteelPipe AG makes the following posting for this target sale. Thus, the following postings have been made:

Booking on accounts

Account	+/-	Value
Debitor	debit	14.875,00 EUR
Revenue	credit	12.500,00 EUR
Sales tax	credit	2.375,00 EUR

Max Mustermann now notices that the weld seam of a steel pipe is cracked and sends the steel pipe back to SteelPipe AG. When SteelPipe AG receives the return shipment, the employees create the credit memo for the defective pipe on the same day, making the following entries:

Booking on accounts

Account	+/-	Value
Debitor	credit	1.250,00 EUR
Revenue	debit	1.487,50 EUR
Sales tax	debit	237,50 EUR

The original posting record is simply reversed and the values of the returned goods are added to it.

Summary

When a credit note is created (for example, for a returned defective product), this credit note must be preceded by a business transaction (in this example, the sale of the company's own products / merchandise or services).  

See how it works in ZUGSEIL Bookkeeping manager - Credit notes

Manual credit notes

In ordinary business transactions, price reductions, for example due to material defects, are often referred to as credit notes. This means that a manual credit note can also be created retrospectively for goods that have been sent without the need for a return shipment. A manual credit note contains manual items. For the positions the booking accounts and the tax rates must be indicated, so that also for these credit notes the account bookings can take place.

Manual credit notes can thus also be used to credit services performed in advance by the service provider to the service recipient. In this case, the credit note acts like a kind of work payment.

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Credit note requests

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Dunning / Dunning process

A dunning process is a procedure for notifying customers of receivables that are due and for sending them reminders. What a dunning process should look like is not regulated by law. However, it is important to issue reminders in the first place in order to draw the customer's attention to outstanding amounts. In many cases, reminders are enough to get the customer to pay. If this does not work, everyone has the option of going to court or to a debt collection agency.

Whether or not to send a customer a reminder also always depends on the customer himself and his relationship with the company. Long-standing customers who seem to have forgotten an invoice should be treated differently from customers who may have been late with payments on more than one occasion. The ideal dunning process cannot therefore be generalized. A reminder process could be as follows:

• After the payment deadline has passed, a friendly payment reminder with a new deadline should be written.

• If nothing happens after this reminder, the first reminder follows. Reminder fees may already be charged here. The payment period should be kept relatively short.

• If this payment deadline also expires, the final reminder is due, which should also be communicated in this way. This letter should contain a final, relatively short payment deadline with a reference to legal steps.

Example

It is up to each individual to decide how the time intervals should look. It is recommended to send the payment reminder ten to 14 days after the due date, the first reminder 20 to 30 days after that. The second reminder is sent 40 to 50 days after the due date and - if there is a third reminder - it is sent 60 days after the due date. This is followed, 80 days after the due date, by the transfer to a collection agency or the initiation of legal dunning proceedings. If you need your money more quickly, for example because you are dealing with large sums, you can choose correspondingly shorter periods.

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External published preview invoices and credit notes

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