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 receiving cash refunds from supplier accounts that are in credit.
Two typical situations where a refund transaction would be used are:
a) Supplier was Overpaid
The supplier was paid more than was invoiced, thus putting their account into credit. If the over payment was refunded a “Refund Payment” is entered to record the refunded amount and clear the credit amount from the supplier account. No GST tax adjustment note is required.
b) Returned goods to the supplier
Goods were returned to the supplier. A credit note will be sent from the supplier. When entered this will put the supplier account into credit, if no other monies are owed and the account had already been paid, or will zero the account balance if the credit note is issued in the same period as the invoice and there have been no other invoices entered. If a cash refund is received then this money would be entered in as a refund not as a credit note.
The “Refund” transaction would normally be entered by linking or transferring from a bank account. A deposit transaction would be entered in a bank account to receive the payment, and the entry should be linked to the supplier 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 Supplier 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 deposit.
Printing a Refund transaction produces a “Refund Payment Notice”.
