| How to refund deposit [message #188210] |
Thu, 17 August 2006 07:55  |
pooja82
Messages: 16
Registered: July 2006
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Junior Member |
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If a customer of mine gives me some money as deposit and later i have to refund that amount then what is the procedure for that. Please help.
Thanks and Regards
Pooja
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| Re: How to refund deposit [message #188322 is a reply to message #188210] |
Fri, 18 August 2006 00:08  |
shashidhar.k
Messages: 127
Registered: January 2006
Location: India
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Senior Member |
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Hi Pooja.,
Here with iam sending some informatin regd Refund to Customer.. we can follow same Procedure for any type transaction in AR., I guess
Problem Explanation:
====================
Scenario:
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1. You have a Sales Invoice for $10
2. Your customer paid the invoice in full.
3. After your customer's check was received and deposited,
the customer returned the goods shipped and is now
requesting a full refund.
The following reflects the G/L distribution for the above
transactions:
a. REC (A) 10 debit
REV (B) 10 credit
b. Cash (C) 10 debit
REC (A) 10 credit
Solution Description
--------------------
The customer's refund must be processed through Accounts Payable.
Explanation
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The following documents the steps required to clear the credit entry from
Accounts Receivable and to process a refund through Accounts Payable.
REC and REV are account classes in the A/R data structure and do not
necessarily correspond to the General Ledger account type.
1. You must create a credit memo for the returned goods, in Accounts
Receivable, using the same Revenue and Receivable accounts
referenced on the original invoice.
c. REC (A) 10 credit
REV (B) 10 debit
2. Create a debit memo to offset the credit memo
d. REC (A) 10 debit
REV (B) 10 credit
3. Then access Oracle Accounts Payable
4. Create an A/P check and reference the following accounts:
e. Refunds Due Cust (B) 10 debit
Cash (C) 10 credit
thsi only inforamtion which i have redg "Refund to Customer in AR"..... if any one knows clear idea about this one let me know....
Thanks
Shashidhar K
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