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Hi all, How do we show the refund from supplier? Ex:- We have paid the prepayment of $1000 to supplier and we got the invoice for the $950. Q1). How do we adjust the remaining $50 in case if we dont get any invoice from the supplier in the future? Q2). If the supplier defalts the payment ($50) and w...

Hi all,

How do we manage the supplier re-fund in the payables.

I know that we can raise credit note and can be adjusted to future invoice.

But here the case is we dont do any transaction with that supplier in the future.


Thanks & Regards,
Jayaram.

Hi Aman,

Check already got cleared with bank. Now if we void the payments and re-issue the check will impact twice on the cash a/c. I want to get back the money from the supplier whom we already made the payments wrongly.
How do we record this in payables.

Regards,

Jayaram.

Hi all, I have got the issue in voiding the payments. Payament made for $1000 in chek method and account has been created. It also cleared with the bank. Now I want to void the payment. Somebody plz explaine how to void the payments and how the accouting entries will be effected. Regards, Jayaram.