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The user assumes the entire risk as to the accuracy and the use of the information supplied. This information may be copied and distributed subject to the following conditions: 1)All text must be copied without modification and all pages must be included; 2)If software is included, all files on the disk(s) must be copied without modification; 3)All software included and documentation must be distributed together; and 4)This information may not be distributed for profit.
Copyright © 1996 Platinum Software Corporation. All Rights Reserved.
Platinum ia a registered trademark of Platinum Software Corporation.
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REFUNDING AN OVERPAYMENT IN ACCOUNTS RECEIVABLE FROM ACCOUNTS PAYABLE
Accounts Receivable
1. An invoice is posted for $500.
2. A check is received for $1000.
3. Enter a negative cash receipt for $500 in ARSELECT and post.
Accounts Payable
4. The refund for the $500 invoice must be made from AP.
5. Enter a voucher of $500 for this customer.
6. Pay the voucher in APSELECT. Print the check and give it to the customer.
7. Enter a debit memo against the voucher for $500.
8. Void the check of $500.
Effects as seen through accounts Debit Credit
AR Aging
Invoice 500
Check received 1000 Negative cash receipt 500 ___
AP Aging
Voucher 500
Check payment 500
Debit memo 500
Voided check 500
Cash Account
Check received 1000
Negative cash receipt 500
Check Payment 500
Voided Check 500 .
