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Treatments of Credits

edited Aug 28, 2008 8:10AM in Accounting / ERP 5 comments

We are setting up credits for customers.  So customers will recieve a credit when they buy from us that they can spend in the future or so we can offer credits instead of refunds. 

IE Spend £100 with us and we give you a £10 credit to spend later.  OR If we deliver something late we give you a £5 credit to spend later.  If credits are not spent within 6 months they would reclaimed by us as revenue.

I am after some advice regarding the correct accounting procedure for this. 

My advice/understanding is that if I give a £10 credit, We should: 
- Debit Revenue by £10

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