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Accounting Impact when Canceling a Sale Order
Wondering if anyone can help us with the following.
We have customers that place orders with credit cards. When we enter the sales order on behalf of our customer, we place an authorization on the customers credit card. Once the authorization is placed, the sales order goes into queue as "pending approval". If the customer decides to cancel the sales order, we then set the status of the order to "closed". However, the credit card authorization does not get removed. My question is as follows:
Is the aforementioned procedure the proper procedure for canceled sales orders?
What accounting impact takes place if a sales order is canceled?
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