This section relates to legacy Aged Trading accounts that were used in Version 5 of Phoenix and earlier. See Legacy Aged Trading Accounts |
“Refund” transaction types are for paying cash refunds to Customer accounts.
Two typical situations where a refund transaction would be used are:
a) Customer Overpaid
The customer has paid more than was invoiced, thus putting their account into credit. You then enter a “Refund Payment” to refund the money to the customer. No GST tax adjustment note is required.
b) Customer Returned Goods
The customer has returned goods. You must therefore first raise a Credit Adjustment Note to cover the returned goods. The customer will require the Credit Adjustment Note for their tax purposes. If the customer has already paid for the returned goods and requires a cash refund, you would then enter a “Refund” payment to refund the money to the customer.
The “Refund” transaction would normally be entered by linking or transferring from a bank account. A cheque or withdrawal transaction would be entered in a bank account to make the payment, and the entry should be linked to the customer account, choosing the “Refund” transaction type. See Linking and Transferring for more details on how to do this.
The transaction can be entered through the customer statement screen as a “Refund”. The details are entered in much the same way as an invoice but is then linked or transferred back to the bank account as a cheque or withdrawal transaction.
Printing a Refund transaction produces a “Refund Payment Notice”.
