How to Use Supplier Knock Off

The Supplier Knock Off form helps keep supplier balances accurate by clearing related outstanding transactions. It allows you to reconcile:

• Supplier Payments (Advance Payments)

• Supplier Credit Notes

against:

• Bills (Supplier Invoices)

• Supplier Debit Notes

This form consolidates all outstanding (floating) transactions for a selected supplier, enabling accurate and efficient reconciliation of payables.

Prerequisites

• Supplier record exists.

• The supplier has outstanding transactions eligible for matching.

• An advance payment, Supplier Credit Note, Bill, or Supplier Debit Note has already been recorded.

• The user has permission to edit Supplier transactions.

Scenario:

An advance payment has already been recorded before the supplier bill is received.

• The advance payment was recorded in the previous month

• The supplier bill was only received and recorded in the current month

Since the payment was recorded earlier, it remains unapplied (floating) until it is matched with the corresponding bill.

To properly reflect the transaction and clear the payable, the Supplier Knock Off form is used to match the advance payment with the bill.

Procedure: 

1. Ensure the supplier has an outstanding transaction that requires matching (for example, an advance payment).

2. Create the corresponding bill once it is received (e.g., in the current month).

3. Navigate to Supplier > Supplier Knock Off, select the supplier whose outstanding transactions you want to reconcile, and Click Inquiry to display open transactions.

4. In the top table, which lists Pay Bills (advance payments) and Supplier Credit Notes, select the advance payment or Supplier Credit Note that you want to match.

5. In the bottom table, which shows unpaid Bills and Supplier Debit Notes, select the Match option for the corresponding bill.

6. Click Save to complete the knock off process.

7. After saving the transaction, verify if the matched transactions no longer appear as outstanding and the supplier balance is updated accordingly.

Application:

The Supplier Knock Off function is applied to ensure that supplier transactions are properly matched and reflected in the system, especially in cases involving timing differences or adjustments.

When to Use

Use this form in the following situations:

1. Advance Payment Matching
    When payment is made before receiving the supplier’s bill

2. Unapplied Credit Note 
    When a Supplier Credit Note was created but not applied during entry.

3. Supplier Debit Note Matching
    When supplier debit notes need to be matched against existing payments or credits
   
   System Scope: QNE Optimum