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On account credit memo in AR needs to refunded, How ? and
what are the steps required?
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Answer / venkatesh k
There is direct funtionality in 11i. Using below woraround
(steps), we can refund.
olution Description
--------------------
The customer's refund must be processed through Accounts
Payable.
Explanation
-----------
The following documents the steps required to clear the
credit entry from
Accounts Receivable and to process a refund through
Accounts Payable.
REC and REV are account classes in the A/R data structure
and do not
necessarily correspond to the General Ledger account type.
1. You must create a credit memo for the returned goods, in
Accounts
Receivable, using the same Revenue and Receivable
accounts
referenced on the original invoice.
c. REC (A) 10 credit
REV (B) 10 debit
2. Create a debit memo to offset the credit memo
d. REC (A) 10 debit
REV (B) 10 credit
3. Then access Oracle Accounts Payable
4. Create an A/P check and reference the following
accounts:
e. Refunds Due Cust (B) 10 debit
Cash (C) 10 credit
The following are the G/L Distributions for this
example.
Note that all accounts are offset.
A B C
----------------- -------------- -----------
----
a. 10 ! b. 10 c. 10 ! a. 10 b.10 !
e.10
d. 10 ! c. 10 e. 10 ! d. 10
in R12, there was direct functinality avilable through non
credit card refund functiionality.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / venkatesh k
Just to correct the above answer. there is no direct
functinality in 11i. those steps are only work around.
| Is This Answer Correct ? | 1 Yes | 0 No |
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