Customer refund - howto?
Maf. King
maf at chilwell.net
Wed Sep 10 11:48:05 EDT 2008
On Wednesday 10 Sep 2008, David Mills wrote:
> Hi,
>
> I have a customer that booked accommodation and paid a deposit.
>
> A few months later (after bank reconcilliations etc) they cancelled their
> booking.
>
> I wish to make a refund. But how can I achieve this correctly (since the
> bank account, Sales and Accounts Receivable have all been affected)?
>
> Thanks,
>
> David.
>
Hi,
I would suggest that you make the refund payment from Bank -> Sales directly,
and ignore the AR and invoice section (maybe add a note to the original
invoice, noting that a refund was made).
IANAA, but thinking the process through, A/R is "promised money". Once that
money has arrived at the bank, it is no longer "promised", you actually have
it, and the A/R asset balance has 2 balancing (ie opposite) transactions and
thus a net zero balance. A refund doesn't really have to affect the A/R
account (unlike the "issue a credit note as partial payment" scenario).
Hope that sounds sensible.
Maf.
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