Refund Scenario
Hi
Just wanting to confirm the solution of refund process
Customer deposit Rs 100 and refund in next day
Deposit transaction
Dr Receivable 100
Cr Deposit 100
Receipt of deposit
Dr bank 100
Cr receivable 100
Refund process Through credit memo
Dr deposit 100
cr receivable 100
apply refund into credit memo
dr receivable 100
cr clearing refund account 100
In payable invoice
dr clearing refund account 100
cr liability 100
refund paid
dr liability 100
cr bank 100
Is this all process and entries are correct for refund case?
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