Forum Discussion

Kathy9's avatar
Kathy9
3 years ago

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...
  • CloverQ's avatar
    CloverQ
    3 years ago

    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. 

CloverQ's avatar
CloverQ
Former Staff

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. 

Kathy9's avatar
Kathy9
3 years ago

Thank you Clover, for your help!

Yes, I will verify with my accountant.

Kind Regards,

Kathy

 

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