Refund from a vendor - sage 300

I have a refund check from a vendor that needs to be posted. I do not see a way in Accounts Payable to accept a refund from a vendor. I would like to be able to see this refund check included in their Vendor Activity for future statement reconciliations.
 
Thank you for any assistance you may provide.
Parents
  •  Once setup, it is not a hassle to enter the cash receipt and invoice.  Remember this method maintains your 1099 vendor totals.

    Accounts Payable Invoice Refund Check

    To process a refund check from a vendor, the deposit is made and credited to an exchange account (set up this account if there is not one already).  Then, the original invoice is modified to credit the job and debit the exchange account.  Finally, a zero check is processed to close the invoice.  This maintains balance between all applications (AP, JC, CM, and GL) and ensures the vendor 1099 totals (if applicable) are correct.

    Create an Exchange Account

    Before starting, determine if you have an exchange account for processing refunds.  It should be an account not used for any other purpose other than exchanges, and it should net to zero when the entire process is complete.

    If there is no exchange account set up, create one in GL > Setup > Prefix/Base.  Create an Exchange base account as a short-term asset account and assign it to the balance sheet prefix.

    Deposit the Check

    NOTE: It is recommended to create refund deposits separate from customer/contract/job-related projects both in the system and to the bank.

    1. Navigate to CM > Tasks > Edit Register.
    2. Select the Bank Account and click [OK].
    3. Enter the information for the deposit.
    4. Click the Additional Information button   .
    5. For the GL credit account, select the exchange account.
    6. Finish and post the transaction.

    Adjust the Invoice

    NOTE: If the refund applies to more than one invoice, follow this process on each invoice.

    1. Navigate to AP > Tasks > Change Invoices.
    2. Select the vendor and invoice to which the refund applies.
    3. If not in the current accounting period, change the accounting date to one in the current period.
    4. In the distribution grid, create negative line items to reverse the line items that are being refunded.  The coding should be exactly the same (commitment, job, cost code, category, units, GL account, taxes, etc.).
    5. Create a positive line item with no job coding.  The amount should be the sum of all reversal lines and should debit the exchange account.
    6. Finish the invoice.  Select the proper accounting date on which to reverse the entries (should be the same as the invoice accounting date).

    Process a Zero Check

    NOTE: If the refund applies to more than one invoice, all related invoices can be processed on one check.

    1. Navigate to AP > Tasks >Records Manual / Print Quick Checks.
    2. Determine if you would like a printed in-sequence check for this transaction.  If you want a printed check, select Quick Check.  The check number should populate with the next AP check number for the bank.  Use this check stock.  If you do not want a printed check, select Manual Check.  Enter a check number that will not be used for this account
    3. Enter the additional information for this check; the Amount should be zero.
    4. Select the related invoice(s).
    5. Finish out of the task.  If you are printing a Quick Check, be sure to have the check stock in the printer.
    6. Review reports and inquiries (such as Invoice Inquiries > Open Invoices) to ensure the checks are marked Fully Paid and the invoices are gone or credited appropriately.
Reply
  •  Once setup, it is not a hassle to enter the cash receipt and invoice.  Remember this method maintains your 1099 vendor totals.

    Accounts Payable Invoice Refund Check

    To process a refund check from a vendor, the deposit is made and credited to an exchange account (set up this account if there is not one already).  Then, the original invoice is modified to credit the job and debit the exchange account.  Finally, a zero check is processed to close the invoice.  This maintains balance between all applications (AP, JC, CM, and GL) and ensures the vendor 1099 totals (if applicable) are correct.

    Create an Exchange Account

    Before starting, determine if you have an exchange account for processing refunds.  It should be an account not used for any other purpose other than exchanges, and it should net to zero when the entire process is complete.

    If there is no exchange account set up, create one in GL > Setup > Prefix/Base.  Create an Exchange base account as a short-term asset account and assign it to the balance sheet prefix.

    Deposit the Check

    NOTE: It is recommended to create refund deposits separate from customer/contract/job-related projects both in the system and to the bank.

    1. Navigate to CM > Tasks > Edit Register.
    2. Select the Bank Account and click [OK].
    3. Enter the information for the deposit.
    4. Click the Additional Information button   .
    5. For the GL credit account, select the exchange account.
    6. Finish and post the transaction.

    Adjust the Invoice

    NOTE: If the refund applies to more than one invoice, follow this process on each invoice.

    1. Navigate to AP > Tasks > Change Invoices.
    2. Select the vendor and invoice to which the refund applies.
    3. If not in the current accounting period, change the accounting date to one in the current period.
    4. In the distribution grid, create negative line items to reverse the line items that are being refunded.  The coding should be exactly the same (commitment, job, cost code, category, units, GL account, taxes, etc.).
    5. Create a positive line item with no job coding.  The amount should be the sum of all reversal lines and should debit the exchange account.
    6. Finish the invoice.  Select the proper accounting date on which to reverse the entries (should be the same as the invoice accounting date).

    Process a Zero Check

    NOTE: If the refund applies to more than one invoice, all related invoices can be processed on one check.

    1. Navigate to AP > Tasks >Records Manual / Print Quick Checks.
    2. Determine if you would like a printed in-sequence check for this transaction.  If you want a printed check, select Quick Check.  The check number should populate with the next AP check number for the bank.  Use this check stock.  If you do not want a printed check, select Manual Check.  Enter a check number that will not be used for this account
    3. Enter the additional information for this check; the Amount should be zero.
    4. Select the related invoice(s).
    5. Finish out of the task.  If you are printing a Quick Check, be sure to have the check stock in the printer.
    6. Review reports and inquiries (such as Invoice Inquiries > Open Invoices) to ensure the checks are marked Fully Paid and the invoices are gone or credited appropriately.
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