Ask Experts Questions for FREE Help !
Ask
    CarlyAnn's Avatar
    CarlyAnn Posts: 7, Reputation: 2
    New Member
    		  
    #1

    Jan 18, 2011, 07:55 PM
    How to handle issuing a refund
    If you give a client a refund via check for something they already paid, do you need to post the credit to their account?
    Just Looking's Avatar
    Just Looking Posts: 1,610, Reputation: 480
    Ultra Member
    		  
    #2

    Jan 18, 2011, 08:34 PM

    No, not when you are issuing a cash (including a check) refund. If they already paid, their account is in order if you issue a cash refund. You would dr refunds, sales returns, or some such account (depends on your business) and credit cash.

    Let me use numbers to make this more clear. If they bought something for $20 in one month and paid for it in the next month, you had a credit to payables in the first month and a debit in the second month. These zero each other out. Their account is correct.
    CarlyAnn's Avatar
    CarlyAnn Posts: 7, Reputation: 2
    New Member
    		  
    #3

    Jan 19, 2011, 10:39 PM
    Comment on Just Looking's post
    That makes perfect sense. Thank you for the example, too!
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Koehler single handle tub/shower handle leaks [ 2 Answers ]

I have a koehler single handle tub/shower asselmbly. The faucet is in the tub, the shower head obviously above and the single handle is in the middle. You pull up on the lever to turn on the water and left to right for hot and cold. You do not have to put it back to center to turn off. Anyway....

I snapped the tip off the shower handle. Unable to screw new handle. It's a symmons [ 3 Answers ]

I have a symmons shower faucet. While removing the old shower handle I snapped the tip off where you screw the handle on. There is no way to attach the new shower handle. Help

Removing handle from a Moen single-handle shower [ 5 Answers ]

The shower is dripping and I am trying to get to the stem by removing the handle. I can see a set screw recessed into the bottom of the handle. I have tried an allen wrench but bent it without any success.

Issuing a Refund [ 2 Answers ]

I am confused as to which accounts to debit and credit. A guest became ill and was unable to stay for the entire week. A refund was issued in the amount of $1,000.

Replacing single handle bathtub handle with 2 handles [ 1 Answers ]

Hi, I am redoing the tile in my bathroom and want to change my single handle hot/cold fixture with a 2 handle fixture... Can I do this myself or do I need a plumber?. My house was built in the 1960's and the faucet seem original.. I do have access from the back and will have access in front once...

View more questions Search