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- Tue Mar 01, 2011 6:43 am
- Forum: Financials (GL, AP, AR, FA & CM)
- Topic: Prepayment Refund
- Replies: 13
- Views: 7605
Hi gouse, Follow these steps for refund 1)Prepayment invoice---->liability A/C--Cr Asset account(AdvanceA/c)--Dr Payment------------->liability A/C--Dr Cash/Bank A/C---Cr Finally the accounting is cash---Cr and Adv A/c---Dr Here adavnce(say 5000/-) is in Advance A/c when the supplier/Employee submit...