We had a mobile phone account that was closed in May 2023 due to the phone being no longer in use. As the account was prepaid, there was a small amount that the phone company owed to us and we were advised we would receive a refund. The refund never arrived and as it is a small amount my boss has asked me to write off the credit from our payables to tidy it up. As this is from a previous financial year, what is the best way to go about it?
Hi AEH2,
Thank you so much for your post and my apologies for the late response. You might find it helpful to consult your accountant regarding the accounts, amounts, and tax codes involved in this process. However, I recommend starting with the Help Article: "Customer returns, credits and refunds" to initiate the process.
Feel free to post again, we're happy to help!
Regards,
Earl
Earl i have the same question but you do realise it was from a supplier not a customer so how does the help article that you suggested apply to this question.
Hi HDG ,
Thank you for pointing out the link sent. The sales and purchase features are almost the same only on the opposite side of debit/credit values. Here is the link for the article 'Purchase Returns, Debits, and Refunds'.
If you need any other help. don't hesitate to let us know.
Thanks,
Genreve
