Payables and Cash Management - EBS (MOSC)

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Tranctional entries for obtaining refund of overpayment from a Supplier in Payables

edited Apr 23, 2011 10:45PM in Payables and Cash Management - EBS (MOSC) 2 commentsAnswered
   Hi,

I have following business case:-

1.Pro-froma Invoice received from Supplier and entered as a Prepayment

2.Prepayment is paid from Bank

3.Service is cancelled by Client and no Supplier invoice or credit memo is created (as paid on pro-forma)

4.Supplier returns the paid he received via Bank Wire.

So the situuation is that their needs to be entries in AP to Cr Prepayments and Dr Bank

As the Debit to the bank has to be reconciled through Cash Management and returned monies cannot be entered into Payables as a refund I am struggling for a solution to this scenario.

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