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Cancel a partially paid Invoice and Refund

edited May 15, 2019 7:32PM in Payables, Payments & Cash Management 6 comments

Summary

How to handle accounting for cancellation of partially Paid Invocie

Content

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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