Vendor Refunds
We received a refund check from our Vendor for an AP that was entered and paid twice (in error). I see that I can create a Cash Receipt and mark it as a "Vendor Refund" under Type. Could you please explain how to properly apply the receipt to put the money back into the original expense account that the AP was booked to, and record the deposit?
Thank you,
-
One of the things I like about accounting seed is that you allow credit entries on the same object. This allows one to run a report on payable activity for a vendor and see any reversals in the same place. If you post a debit directly to the GL account with the cash receipt, the refund will not be reflected in the vendor payable related list section.
Please sign in to leave a comment.
Comments
7 comments