Accounts Payable - Refund

Yahoo Archive
1
You could input an invoice for the amount of the check. It should be booked to an AR Other account. Then "pay" all the invoices with a zero $ check. When the check is received from the supplier the entry will be to debit cash, credit the AR Other account.

Christy J Morris
Controller
Cold Jet, LLC
455 Wards Corner Road
Loveland, Ohio 45140
USA
+1 513-716-6370 (office)
+1 513-576-8986 (fax)
www.coldjet.com<http://www.coldjet.com>
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Setting industry standards in dry ice technology and solutions for over 25 years.

From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf Of Millicent Massey
Sent: Thursday, August 02, 2012 7:39 AM
To: vantage@yahoogroups.com
Subject: [Vantage] FW: Accounts Payable - Refund



I never received a response on the question below. I thought I would try again. Does anyone have any ideas?
_______________________________________

I have a question. We have a debit balance on an Accounts Payable account and the supplier wants to apply it to all our open invoices & issue a refund to clear out our account on their end.

My question is when we get the check, it doesn't clear up our AP account. These open invoices & debits are still showing on that account. Is there an easier way to clear these other than entering AP Adjustment Entries for each invoice & Debit memo??? And are Debit Memos done the same way as the invoices to clear them off the AP Account???

Thanks

[Non-text portions of this message have been removed]



[Non-text portions of this message have been removed]
2
I have a question. We have a debit balance on an Accounts Payable account and the supplier wants to apply it to all our open invoices & issue a refund to clear out our account on their end.

My question is when we get the check, it doesn't clear up our AP account. These open invoices & debits are still showing on that account. Is there an easier way to clear these other than entering AP Adjustment Entries for each invoice & Debit memo??? And are Debit Memos done the same way as the invoices to clear them off the AP Account???




[Non-text portions of this message have been removed]
3
I never received a response on the question below. I thought I would try again. Does anyone have any ideas?
_______________________________________

I have a question. We have a debit balance on an Accounts Payable account and the supplier wants to apply it to all our open invoices & issue a refund to clear out our account on their end.

My question is when we get the check, it doesn't clear up our AP account. These open invoices & debits are still showing on that account. Is there an easier way to clear these other than entering AP Adjustment Entries for each invoice & Debit memo??? And are Debit Memos done the same way as the invoices to clear them off the AP Account???


Thanks



[Non-text portions of this message have been removed]
4
You could create a cheque to pay them all off, write VOID on the cheque then do an adjusting entry in the Bank to offset the cheque.

From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf Of Millicent Massey
Sent: August-02-12 7:39 AM
To: vantage@yahoogroups.com
Subject: [Vantage] FW: Accounts Payable - Refund



I never received a response on the question below. I thought I would try again. Does anyone have any ideas?
_______________________________________

I have a question. We have a debit balance on an Accounts Payable account and the supplier wants to apply it to all our open invoices & issue a refund to clear out our account on their end.

My question is when we get the check, it doesn't clear up our AP account. These open invoices & debits are still showing on that account. Is there an easier way to clear these other than entering AP Adjustment Entries for each invoice & Debit memo??? And are Debit Memos done the same way as the invoices to clear them off the AP Account???

Thanks

[Non-text portions of this message have been removed]



[Non-text portions of this message have been removed]