This option gives you a quick and simple means of posting customer refunds and updating your bank account. Such transactions may include refunds to customers or returned cheques.
Enter
the details for your customer refund in the boxes provided.
Tip: When you choose a customer account, any outstanding credits posted to the account appear. To allocate a credit to the payment select the credit > Refund in Full. If you only want to allocate part of the refund, enter the value to be allocated in the Refund column for the appropriate transaction > Save.
Enter the reference of the bank account you want to
record the customer refund from.
Payee
Enter your customer's account reference here.
Tax Code
VAT Cash Accounting or the UK Flat Rate - cash based VAT scheme only
Enter the tax code you want to use for this refund.
Date
Enter the date of the customer refund.
Cheque No.
If you have paid your customer by cheque, enter the
cheque number here.
This appears as a reference on the saved transaction
and can be a useful reminder when you are reconciling your bank account
to your statement.
Tip: If you are going to print a cheque, you should leave this blank.
Exchange Rate
If the bank account you select is set up as a foreign
currency account, the exchange rate for the account appears
here. You can change this if required.
If you enter an exchange rate that differs from the rate set up for this currency in your Currencies list, a message appears asking if you want to update the rate held in your Currencies list, click Yes or No as required.
Amount
Enter the gross amount of the customer refund
here.
Using VAT Cash Accounting or the UK Flat Rate - cash based VAT scheme? The Tax Code you enter
for this transaction breaks this value down into net and VAT amounts.
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