Refund Deposit Amount

You raised a deposit type of transaction to a customer, and received a receipt fully also.
Later you raised a standard type of invoice, and adjusted deposited partially towards this std. invoice by using commitment Tab. If Customer is asking for refund of remaining amount. How will you refund the balance amount?

sudhamba44
Profile Answers by sudhamba44 Questions by sudhamba44
Jun 11th, 2010
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Questions by sudhamba44 answers by sudhamba44

Accounts Receivables

Answer

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kumardurgam
Profile Answers by kumardurgam

Sep 2nd, 2010

By posting following entry

Customer Deposit A/c Dr (with Remaining amount)
To Cash or Bank A/c (with Remaining amount)

kirubakaran G

Sep 20th, 2011

If AR update process has been not done and apply Payment has been not done for the Customer you can adjust the Amount in AR itself.

Else if the AR update process has been not done and apply Payment has been done,then you should do the adjustment entries and you should pay the Customer through AP(Accounts payable)