Process a write off for that invoice and enter in the GL account as the account that the repayment booked against.
This will take the credit memo off the Aged Trial balance and offset the expense so that the P&L has no impact to the refund.
Deirdre Sykes | Senior Cost Accountant
GSI Technologies, LLC | 311 Shore Drive | Burr Ridge, IL 60527
dsykes@... | Phone: 630.590.8112 | Fax: 630.325.8197
From: firstname.lastname@example.org [mailto:email@example.com]
On Behalf Of Nancy Patterson
Sent: Friday, October 18, 2013 10:08 AM
Subject: [Vantage] Accounts Receivable Credit--REFUND
I work with a company who rarely has to issue credit memos to customers or issue refunds…but it has now happened.
We issued the credit memo, only to refund the money.
Now that I have the Credit Memo out there for the customer, how do I show it as REFUNDED??? I can only find where to apply a credit memo to an open A/R invoice and that is not an option in this case…there is no open invoice and we have refunded the customer.
Thanks in advance
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