How to Transact Supplier Refund

Overview:

This guide outlines the process for recording a supplier refund after making an advance payment. Properly documenting the refund ensures accurate financial records and correct adjustments in the accounting system.

Scenario:

A company has made an advance payment to a supplier and needs to record the refund transaction. The process involves entering the refund details correctly and ensuring the proper offset of the payment.

Solution:

1. Navigate to Supplier Refund Module: 

   • Go to Supplier > Supplier Refund in the system.
     
     
     
     

2. Fill out the necessary fields in the Supplier Refund form:

   • Supplier Name: Select the supplier issuing the refund.

   • General Ledger (GL) Accounts: Choose the appropriate GL account for the refund transaction.

   • Refund Amount: Enter the refund amount to be recorded.

   • Bill Number: Input the corresponding bill reference for record-keeping.
     
     
     
     

3. Tick/Knock Off the Pay Bills:
   • Identify and select the previously paid bill that is being refunded.
   • Ensure that the correct transaction is marked to avoid discrepancies.
     
     
     
     
4. Submit and Process Refund:

   • Once verified, Save the refund request for processing.

   • The refund transaction will be recorded in the system, and adjustments will be reflected in the accounts.
     
     
     

Application:

This process applies to all supplier refunds related to advance payments. It ensures accurate financial records and compliance with company policies for supplier transactions.