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Using AR 2016.2.
Purchased from a supplier a quanitity of goods. Paid invoice via EFT card transaction. When entering to Myob realized that supplier had charged for more quantity than received. Have entered purchase as per PAID INVOICE. Supplier has now refunded adjustment via direct deposit to card bank account..
Supplier isn't owed any monies. Inventory still shows the extra quantity. Haven't invoiced sale to customer as yet.
How do I record this refund?
Solved! Go to Solution.
Thanks for your question.
The easiest way to record this will be to record a negative invoice for the extra quantity billed but not received and then record the refund of the debit note.
The negative invoice would be entered in the normal fashion through Purchases >> Enter Bills. Unlike a normal transaction however, the quantity is entered in as a negative for the amount that was billed but not received. This will give you an invoice with a negative balance due. As long as there is enough stock on hand you will be able to record the transaction.
When you try and record this negative purchase you will get a pop up message advising you that this will create one debit memo. Just click ok to record the transaction. The transaction should record as normal. Recording this transaction will reduce the stock on hand of that item.
To record the refund being received, you need to go to Purchases >> Purchases Register >> Returns and Debits. In the Returns and Debits tab you will see all of your purchase returns, but to record the refund you need to click the transaction and then select the Receive Refund Button. This will generate the refund transaction for you to record it to your bank account.
Do let us know how you get on with this.
THANKYOU for your help. I am now all sorted.