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credit card refund for closed period

edited Oct 11, 2007 2:30PM in Accounting / ERP 3 comments

We have a debate going on between two groups in accounting.  Can anyone shed on light on whose right?

We need to refund a credit card payment for a closed accounting period.

First group is issuing a refund and a credit.
Second group thinks we just need to issue a refund.

Any reason why first group is correct ?
Any reason why second group is correct ?

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