Credit notes within the livestock tracker

How to accomodate for credit notes, debit sales, and credit expenses within your livestock tracker

Danielle Veasey avatar
Written by Danielle Veasey
Updated over a week ago

When credit notes are used in Xero, additional steps in Figured will need to be taken in order to reconcile your balances. This is the same process if you have any debit sales connected with the same account such as commission, fees etc. Likewise, any credit expenses associated with the purchase like prepayments.

Ideally, for any debit sales or credit expenses, you would code these to their own accounts in Xero and then categorise that account to the tracker via account configuration within Figured. But if you want to leave them as a reduction on the same account in Xero, then the process to reflect this in Figured is as follows.

In the example below, I've created a sale for Breeding Bulls with the total value in both Figured and Xero.

This sale needs to have a credit note applied to it, so in Xero we've applied the credit note to the Breeding- General account on the invoice.

In order to have this reflected in Figured, you will need to create a new transaction by selecting Add Actual. Add an actual Sale or Purchase inside Figured - the same as whatever the original transaction was.

NOTE: you should not import any of these Xero account reductions into Figured through the Detailed view > Import from Xero function inside Figured.

Follow the below steps when entering the details of the actual Figured transaction. This is the same process for recording any debit sales or credit expenses that have been deducted from your livestock account in Xero. Make sure you DONT post this to Xero, as it is creating the Figured side of the transaction that already exists in Xero.

  1. For the stock part of the transaction, select your stock class account and then a quantity of 0. Enter $1 as the amount.

  2. Add a non-stock line to the transaction. Select the same stock class account (this needs to be the same account that you have mapped to the selected stock class), and then enter that as -$1

    The first two steps cancel each other out but are necessary when reducing the Figured amount of your selected account to reconcile.

  3. Add another non-stock line, and then select the account you posted the credit note to in Xero ( e.g breeding - general ) or the account reduction from a debit sale or credit expense. Then enter the amount with a negative in front of it e.g. -1500.

Make sure you don't tick Post to Xero, and then click Save Transaction. That will reduce the value of the credit note or debit sale/credit expense note for you to reconcile, and it won't affect your stock quantities.

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