Situation: A vendor has a credit balance and sends a check to satisfy the credit.
Step 1. Create a voucher in Voucher Entry and Editing for the amount of the check – which should be the credit balance on the account. Go to:
Accounts Payable (Module 3)
Voucher entry & editing (Task 1)
Enter New Transaction Record (Sub-task 1). See below for step-by-step instructions:
- Voucher #: 000703 (system generated number)
- Vendor #: Enter number of vendor
- Invoice #: Enter something that is ‘meaningful’ to you
- Inv date: 09/03/xx (MUST be a current date)
- Inv amount: 100.00 (enter the amount of the check)
- Due/chk date: 09/03/xx (same date as in #3)
- Reference#: User define information i.e. REFUND CHECK
- # of payments 1
- Exp Acct# Amount Total-dist:
- 913-00-01 100.00 100.00 (make note of the GL # as the exact same account number must be used in the Step 2)
- Enter New Transaction Record (Sub-task 1). See below for step-by-step instructions:
- Voucher entry & editing (Task 1)
Note: Run an edit list (using Sub-task 4), if everything is OK, then post the entry (using Sub-task 5)
Step 2: Apply New Voucher to the Credit Voucher(s) by using Apply AP Credits (Task 4 in A/P module). Using Task 27 (Vendor Account Inquiry), get the voucher numbers for the positive (new) and negative vouchers. Use the voucher numbers in Task 4 – AP Credits.
Step 3. Enter the vendor’s refund check into Cash Entry and Editing (Task 2 in AR) Go to:
Accounts Receivable (Module 2)
Cash/Receipts Entry and Editing (Task 2)
Enter New Cash Record (Sub-task 1). See below for step-by-step instructions.
- TRX number: 000032 (System generated)
- Trx type: 8 (type is Misc.)
- Customer #: 99999 (use customer number if the vendor is also a customer, otherwise use #99999 and type in the vendor’s name)
- Recv date: 09/03/xx (MUST be in the current month…same date as Step 1)
- Division #: 01
- G/L act #: 9130001 (use the identical GL account # used in Step 1)
- G/L act $: 100.00 (enter the amount of the check)
- Enter New Cash Record (Sub-task 1). See below for step-by-step instructions.
- Cash/Receipts Entry and Editing (Task 2)
Run an edit list (using Sub-task 4); If this is the only transaction on the edit list, the “Total Amount Received” will be the amount of the check from the vendor, and the “Total Change to A/R” will be zero. If everything is OK, then post the entry (using Sub-task 5).
The G/L will be affected as follows:
Selected GL acct $100
AP $100 (a vendor’s ‘credit’ balance, is considered a ‘debit’ in the AP G/L account)
Selected GL acct $100