A
customer of mine who runs a high-street shop was recently subjected to a
surprise 7 hour tax examination by HM Revenue &Customs. During the
audit HMRC stated that if you raise a credit note, you must record the
customer’s name and address on the note. This is presumably so HMRC can
check with the customer that you did in fact refund money to them.
Fortunately
this customer had been doing everything right with regards to operating the
stock system, maintaining records and raising credit notes etc., however I
know some of you will not be aware of this requirement.
You can
still sell an item to an unknown customer (i.e. you can still select ‘Counter
Sales Customer’), but when refunding money you must create a customer
record first (if it doesn’t already exist) and then select that record when
raising the credit note.
Any
questions please call…
