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Post Info TOPIC: dealing with purchase returns (course query)


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dealing with purchase returns (course query)
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Hello

In my course my "customer" has bought several items on credit from a supplier on 15th July.

On 20th July, he returned an item costing £10.

On 5th August, he paid what he owed to the supplier.

Would you automatically deduct the £10 for the return?

As this is a course, I don't have invoices and credit notes and the guidance notes don't mention a credit note, just that the goods were returned.

regards

Denise



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Hi Denise, It would be treated as a credit note to the supplier account which will deduct the amount from the creditors balance then pay the adjusted balance on 5th August.

How do they want you to record this entry? Is this a manual bookkeeping course? Or computerised?

Mel.



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Hi,
This is a manual bookkeeping course so I understand the fundamentals.

regards

Denise


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