Dear All,
In the page 6 in notes of demoscript for Microsoft Financial Mgt Nav.4.0 the receivables application area, I find the words:
“As the sales invoice has already been fully applied to a payment, it is not possible to apply a credit memo as you would normally do. You can then post a refund and apply it to the credit memo”
Is it possible for me to refund only using credit memo and the value deducted automatically…?
If you have any answers, let me know.tku
Rgds,
Andreas
When you find the words to what is it referring? A General Journal I presume marked as a refund? A credit memo will bring the stock back, which in the example I presume you do not want, the refund is purely financial? If it is stock related use the credit memo, although you still can and point it direct to a GL acocunt if you wish. Technically you do not “refund” through a credit memo, you credit.
In the page 6 in notes of demoscript for Microsoft Financial Mgt Nav.4.0 the receivables application area and it refers to a demo. I thought you have the demoscript for the sales and receivables nav. 4.0. So, if I will select refund in the document type column of general journal if my customer returns my order, won’t I…?
Rgs,
Simply put “no”.
Why are you not using a returns order?
Do you understand the difference between a returns order and a general journal?
The exact answer must be:
A “REFUND” is the payment of a “CREDIT MEMO”.
A “PAYMENT” is the payment of a “INVOICE”
So a REFUND cannot replace a credit memo at all.
The possible scenarios are:
You have a invoice which is not settled (payed) yet. You can either settle it by receiving a PAYMENT or by creating a CREDIT MEMO and applying it to the invoice.
If your invoice is already payed and settled (as stated in the manual you are referring to) you cannot settle it again. You need to post a Credit Memo and pay the money back (= Refund).
Hi Thomas,
Tku for your answer. It means that refund is from customer isn’t it…? If I use cash receipt journal, the balance account type column must be customer and the document type is refund, am I correct ?
Rgds,
Both a refund and a return order are for a customer, but yes a refund is for a customer. You are now using a cash “receipt” journal to give the customer a refund - is there a reason you have switched from the general journal, not that you cannot use it. I would put the account number as the customer with a positive amount in the cash receipt journal and the balancing account is the bank as this is where you are paying teh refund from.