Acumatica ERP – Refunding a Prepayment

Posted on: August 23, 2017 | By: Jim Bertler | Acumatica

Authored by: Brent Stabiner

 

Suppose that on 3/10/2014, the company has received a refund of $175 from AdvertisingCo for the unused amount of the prepayment. In this step, you will process the refund for the prepayment. Complete the following instructions:

  1. On the Checks and Payments form (AP302000; Finance > Accounts Payable > Work Area > Enter), create and save a new document with the following settings:

  • Type: Vendor Refund

  • Vendor: V000000003 (AdvertisingCo)

  • Date: 3/10/2014

  • Payment Ref.: 03102014PrepRef

  • Description: $175 refund for unused prepayment

  • Payment Amount: 175.00

  • Documents to Apply tab, Document Type: Prepayment, Reference Nbr.: 000012 ($200 prepayment), Amount Paid: 175.00

  • Hold: Cleared

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2. On the form toolbar, click Release to release the refund. On the Application History tab, you can find the number of the batch that has been generated to record the refund amount to GL accounts. In the batch, you can see that the cash account is debited for $175, while the prepaid expense account is credited for the same amount. When you released the refund for the prepayment, the system updated the prepayment balance of the vendor.

 

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3.  On the Vendor Summary form (AP401000), clear the Vendors with Balance Only check box to view the list of all vendors and their balances. In the Prepayments Balance column, you can see that the prepayments balance of the AdvertisingCo vendor is equal to $0.00.

 

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