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REFUNDING A CANCELLED SALE FROM ACCOUNTS PAYABLE
REFUNDING A CANCELLED SALE FROM ACCOUNTS PAYABLE
Accounts Receivable
1. An invoice is posted for $500.
2. A check is received for $500.
3. This sale is returned.
4. Enter a credit memo to reverse the invoice of $500.
5. Enter a negative cash receipt for $500 in ARSELECT and post.
Accounts Payable
6. The refund for the $500 invoice must be made from AP.
7. Enter a voucher of $500 for this customer.
8. Pay the voucher in APSELECT. Print the check and give it to the customer.
9. Enter a debit memo against the voucher for $500.
10. Void the check of $500.
Effects as seen through accounts Debit Credit
AR Aging
Invoice 500
Check received 500 Credit memo 500
Negative cash receipt 500 ___
AP Aging
Voucher 500
Check payment 500
Debit memo 500
Voided check 500
Cash Account
Check received 500
Negative cash receipt 500
Check Payment 500
Voided Check 500 .
