You're almost there! Please answer a few more questions for access to the Applications content. Complete registration
Interested in joining? Complete your registration by providing Areas of Interest here. Register

AP Prepayment Cancellation

edited Apr 14, 2020 5:16PM in Payables, Payments & Cash Management 8 comments

Summary

Prepayment Cancel and Cancellation Fees

Content

Hi,

We have the following scenario:

AP Prepayment Invoice - $ 100

Payment Made- $ 75

Unpaid Amount : $ 25

The service is now cancelled and the Vendor refunds us $ 60 and charges cancellation fee of $ 15

How do we handle the accounting and transactions for the above? The challenge is since the Prepayment Invoice is not Fully Paid, we are unable to Apply anything against this.

Thanks in advance!

Thomas

Tagged:

Howdy, Stranger!

Log In

To view full details, sign in.

Register

Don't have an account? Click here to get started!