![]() Record a deposit in myUFL following the steps in the UF HR Toolkit Processing an Expense Refund. They always relate to an expense paid for by the University and must be returned to the ChartField of origin. The tax code 'O/S- Outside the Scope' should be used. Expense Refunds include refunds, reimbursements, rebates, and returned moneys from a supplier. This is coded to the same source of funds that is used for expenditure but it uses the transaction code LLAA (Discounts taken) or LLAC (Rebate on drugs purchases). In this scenario the money is processed in the Accounts Receivable module only. They have given us a rebate/discount on our purchases The money received should be recorded in the Accounts Receivable module against the same expenditure account codes as the debit note, using the same tax code as the original invoice. If no accounting date is in the interface table, AutoInvoice uses the value of the Default Date parameter of the Import AutoInvoice program. In this case a debit note will be raised by the Accounts Payable team and processed through the Accounts Payable module. When you import credit memos against invoices without rules, AutoInvoice first looks for an accounting date in the interface table to use as the accounting date of the credit memo. When the prepaid customer order is eventually shipped, the prepayment account is debited and the relevant revenue account is credited. In this scenario we may not receive a credit note as it is probably a processing error on our part. From the perspective of the seller, a prepayment is recorded as a credit to a liability account for prepayments, and a debit to the cash account. This should be given the same VAT code as original invoice. The money received should be recorded in Accounts Receivable module against the same account codes as the credit note, i.e. In these cases the money should be accompanied by a credit note that will be processed through the Accounts Payable module. ![]() Reference - this defaults to the related Credit Memo. My user want to settle the rebate agreement by create credit memo with ZERO value. The remaining balance would not be issued to the customer but returned to the business. Bank Account - select the GL Account to which a debit entry will be made upon posting. There are instances with a rebate agreement, that the business will decide they no longer require a rebate. Note: The amount entered in this field cannot exceed the balance on the Credit Memo. This amount can be modified, if necessary. The goods/services were defective/not received or there was an overcharge on the invoice The system creates journal entries to recognize the rebate liability (4 percent of the order amount): Debit accrual discount (4 percent × 50,000) 2,000. Refund Amount to be Processed - defaults to the balance on the Credit Memo. (This accounting entry is for the 150 credit memo leaving a deposit balance of 30.) Special Cases - A Credit Memo Against an Invoice Against a Guarantee This case shows the accounting entries that are created when you apply an invoice to a guarantee and the invoice amount is greater than the guarantee. Sometimes we will physically receive a cheque back from a supplier either as a result of a refund or a rebate/discount allowed and the following paragraphs explain what the correct VAT treatment should be.
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