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I want to know how to enter the receipt and return of an amount from a company.
should i pass a Bank transaction entry under the financail and choose receipt for receiving the amount.
And Bank transaction entry under the financial and choose transaction for payment.
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I would use a suspense GL account for it - it is nothing to do with your financials, so you don't really want it to impact any standard accounts.
thx for the responce.
yes we received the amount in the bank and also have to return this amount by cheque.
Possible entries for this could be.
At the time of receiving the amount.
Debit:Bank account
Credit: party A/c(referring the company who sent the amount erroneously)
upon Return of payment.
Debit:Party A/c
Credit:bank account
Now iam confused where this party account should be opend,because it is neither our supplier nor customer.
otherwise i can use customer/vendor consolidation to Net off this
Under Bank Transactions you change the type to Void Transaction. However, in this case it sounds like an EFT was errantly done into your checking account. How are you going to give the money back? Via an EFT or are you going to cut a check? If by check, you can do that right on the same screen. If not, you could enter a payable and enter a check amount on the payables transaction entry screen. You could also enter a cash amount. How do you plan on returning the amount deposited?
Thx for the Reply
well it is the amount by mistake sent by company to our bank account and we have to return that amount.
so its neither for the purchase nor against any services....
Just received in our bank account and have to return.
Are you talking a purchase order return or a payment from a vendor or customer?
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