Refunds and rebates causing imbalances - where original payment(s) is/are difficult to record

mjl2009 mjl2009 at fastmail.fm
Wed Sep 26 22:06:19 EDT 2012


*Case 1

For three years ending in May 2012, I paid monthly amounts for insurance on
a car that I had actually sold. After I discovered what this regular debit
from my bank account was, my insurer agreed to refund the total amount of
these installments.*

I forgot to add one complicating factor. The insurance payments had been
coming out of Bank Account A. I opened another bank account in June 2012 and
asked for the refund to go into Bank Account B - which it did.

How to record this transaction accurately is puzzling me.

MJL



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