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Treatments of Credits
We are setting up credits for customers. So customers will recieve a credit when they buy from us that they can spend in the future or so we can offer credits instead of refunds.
IE Spend £100 with us and we give you a £10 credit to spend later. OR If we deliver something late we give you a £5 credit to spend later. If credits are not spent within 6 months they would reclaimed by us as revenue.
I am after some advice regarding the correct accounting procedure for this.
My advice/understanding is that if I give a £10 credit, We should:
- Debit Revenue by £10
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