How do I post a refund that I have received, in AccountRight Basics?
Hi,
I bought an item from Officeworks which was unsuitable, so I returned it and was given a refund.
How do I enter this refund in AccountRight Basics?
I thought receive money would be correct but when I print my GST report, the refund amount comes up in the
Sale Value column, so it looks like it is a sale I've made, which is not the case. Am I thinking correctly?
Hope you can help.
Thank you,
Kathy
Hi Kathy9
Generally speaking, you can just reverse the original transaction recorded for the purchase. Recording general journals can also update the account balances.
I'd suggest checking with your accountant to verify the best way of accounting for the return, and the correct tax codes to use.
