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AR Refund: Case-: Suppose A Customer Paid Us Rs. 15,000 Instead of 10,000. Than We Need To Refund 5000 To Customer

The document outlines the process for issuing a refund of Rs. 5,000 to a customer who mistakenly paid Rs. 15,000 instead of Rs. 10,000. It details the steps for creating a receivable activity, processing the transaction, and generating the necessary accounting entries. The final accounting entries reflect the cash received, the original receivable, and the refund liability.

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سرفراز احمد
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54 views4 pages

AR Refund: Case-: Suppose A Customer Paid Us Rs. 15,000 Instead of 10,000. Than We Need To Refund 5000 To Customer

The document outlines the process for issuing a refund of Rs. 5,000 to a customer who mistakenly paid Rs. 15,000 instead of Rs. 10,000. It details the steps for creating a receivable activity, processing the transaction, and generating the necessary accounting entries. The final accounting entries reflect the cash received, the original receivable, and the refund liability.

Uploaded by

سرفراز احمد
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

AR Refund

Case-: Suppose a customer paid us Rs. 15,000 instead of 10,000. Than we need to refund 5000 to
customer…

Setup:
1.) Create Receivable activity for refund:

Asset

Cycle-:
1. Create a transaction of 10,000 Rs:
2. Create a Receipt of 15,000 Rs:

3. Apply original invoice and create a refund 5,000 Rs:

Fill refund attribute and save.. Than a AP invoice will generate for this customer
4. Create Accounting for this receipt: Dr. Cr.

Cash ……………………….15,000
Receivable ………………………………………………..10,000
Refund/Clearing a/c……………………………….. 5,000

5. Find invoice in AP-:


Accounting entry will be Dr Cr

Refund/Clearing a/c…………………………..………..5,000
Liability…………………………………………………………………5,000

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