supplier refund

[suryabpc]

Hi All,

we have paid some advance to supplier for purchases(pre payment). but after that purchase had not been made. he has (supplier) refunded the amount which we have given as advance.

please suggest me, how to record the above transaction.

Thanks in advance,
surya

[karthikeyanp1981]

topic.asp?TOPIC_ID=6380

[amalde69]

simply made a standard invoice of the advance amount and in the distri bution account would be just opposit of the prepayment invoice which you made before

and just perpayment just adjust with the invoice


thanks
amal kumar de
functional consultant
91-9903649227

[tgs100]

<b>distri bution account would be just opposit of the prepayment invoice</b>

Distribution account can not the opposite of prepayment invoice. Distribution account should be "Cash" in this case. Technically there is no problem with this approach, however it is better to follow the Invoice-Credit Memo-Refund process. This will also be helpful if the supplier gives the check (Cheque) while refunding the money.

Cheers,
Saravanan

[reddymahipal]

HI surya ,

In this case prepayment amt 100/-, create one STD invoice and in Dist use clearing account & inv amt 100/-, and same way create one CM inv , amt at -100/- in dist use clearing account .

In payment window user refund option, pay the CM.

STD invoice adjust to prepayment

If I wrong pls any one current it.


RGD
Ravi

[Rizwan.Mumtaz]

Hello Ravi

u r rite.

Good Answer