Cancel a partially paid Invoice and Refund
Summary
How to handle accounting for cancellation of partially Paid InvocieContent
Hi,
We have the following scenario:
AP Invoice - $ 100
3 Payments made of $ 20 each over the past 3 months: $ 60
Unpaid Amount : $ 40
The service is now cancelled and the Vendor refunds us $ 60.
Couple of questions:
- How do we handle the remaining $ 40(since we cannot cancel the invoice)
- We do not want to void the payments since these were made months back
- How should we handle the Cash Receipt of $ 60 which the vendor paid us,
Thanks in advance!
Thomas
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