The following steps should be taken to cancel a sale when the product or service is inventoried and the customer has partially or fully paid for the sale.
Cancel a Partially/Fully Paid Inventoried Sale
- Follow the steps in the Cancel a Partially/Fully Paid Non-Inventory Sale article to cancel the sale and refund the payment(s).
- If this is a serialized product, we recommend that you delete the individual Sales Order Inventory Movements (SIMS) from each of the Sales Order Lines.
- Access the Sales Order and each of the Sales Order Lines.
- On each Sales Order Line, click the SO Inventory Movement tab.
- On the far right of each line, select the drop-down list and click Delete to delete each SIM.
Note: This approach can also be used for non-serialized products.
- For non-serialized products, create a new Inbound Inventory Movement for the product, warehouse, and location you are returning the inventory goods to.
- From the Inventory Quantity Available list view, select the Inventory Quantity Available record for the item(s) you are returning to stock. If there is not an Inventory Quantity Available record for the product, warehouse, and location combination, you need to create a new record.
- After selecting the record you wish to return the goods to, create a new Inbound Inventory Movement from the Inventory Quantity Available related list.
- Enter the quantity you are returning to stock and the unit cost for the product. T he unit cost must be the same as unit cost used on the original Sales Order’s Sales Order Inventory Movement record.
- Select “Accounting” as the Type from the drop-down menu.
- Set the Debit GL account to your Inventory GL account and set the Credit GL account to the same account used to record Cost of Goods Sold on the original allocation of the Sales Order.
- Change the movement date to the same date as the credit memo you issued (step 1 above).
- Save this record.
Steps 2 and 3 will do the following:
- Increase the quantity available for that product;
- Add it back to your inventory GL balance at the correct unit cost; and
- Reverse the Cost of Goods Sold recorded on the original Sales Order Inventory Movement.
Summer ’22 Release
- The ability to issue a refund is available from a Cash Receipt and/or Credit Memo with the Summer '22 release.