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Hi,
I'm interested in the Community's thoughts on the best practice approach to processing a payment from a Customer who has overpaid.
We are using the SOP module in Dynamics GP.
As always your help is greatly appreciated,
Barry
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It isn't any fun Leslie. LOL We started with version 8.0 so I have pretty good notes on the process. When we upgrade to 2015, I'm going to register the module and give it a try.
Good points. Just wanted to throw it out there as another option if a check is needing to be cut to the customer or for any future readers of this thread.
Matt,
Even if a company owns the module now, it may not be worth the setup and training for something that happens once a year. Also, if the refund is done with a credit card and not check, can you easily use Refund Checks for that?
But if it's GP 2013 or later then it would be under perpetual licensing where Refund Checks is included, no?
What Ken said. :-)
Unfortunately, this requires 2 transactions: one to record the actual refund to the customer and another to update the customer balance so they do not show an overpayment anymore.
For the first transaction - I would use a Return transaction. This is typically the best way to record money going back to the customer. Take a look at this recent thread for more details: community.dynamics.com/.../191261
The debit would be to Account X (maybe a suspense account) and credit would be to cash.
For the second transaction - Enter a Debit Memo for the customer. Debit AR, credit Account X (the same one you debited with the Return transaction). Once posted, apply the overpayment sitting on the customer's account to the debit memo.
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Almas Mahfooz
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