one employee went on site , we given to him 1000 through prepayment . but i final spends amount is 800, then what about remaining 200 , how can we refund to organisation. through debit memo or credit memo, or , prepayment or if any, please give me best solution , if any one know this question answer reply me this mail, nmallioracle@gmail.com
Answer / govind singh
1.Create a debit memo with a clearing account in distribution and take the refund (do the payment)
2. Create a standard invoice with the same clearing account which we use in debit memo and apply the Prepayment.
Let's see the entire process accounting from payment to employee.
- Prepayment A/c Dr. 1000
To Supplier Liability A/c 1000
- Prepayment Paynent
Supplier Liability A/c Dr. 1000
To Cash Clearing A/c 1000
- Standard Invoice of employee expenses of 800
Item Expense A/c 800
To Supplier Liability 800
- apply the Prepayment
Supplier Liability A/c Dr. 800
To Prepayment A/c 800
- Debit Memo
Supplier Liability A/c Dr. 200
To Clearing A/c.200
- Standard Invoice (with Clearing account offset)
Clearing A/c Dr. 200
To Supplier Liability A/c 200
- Apply the Prepayment (remain amount)
Supplier Liability A/c 200
To Prepayment A/c 200
So all the account is knocked off.
Follow this process
Is This Answer Correct ? | 0 Yes | 0 No |
What are the setups in R11i for fund transfer between two bank
What is the difference between Oranisation ID and Org. ID. Is both are same?
What is ment by physical inventory reconciliation?
please can u tell me what is the AP TO GL RECONCILATION process and used reports?
What is the use of auto create?
1.what is difference between (New feature) 11i & R12 for Receivable, Fixed asset, GL, Payables.? 2.How was your previous company segment qualifier was defined.? 3. How many segment qualifier? 4. How the intracompany transaction take place.?
SLA usage ans how to define setups?
Item is not showing in the items list, what is the reason for that in backend?
What is Proxima Payment Terms?
Is it possible to change the accounting period during the financial year? For eg change it from 12 to 13 months ?
What is the Reconciliation Open Interface used for in Cash Management?
how to create a journal source by user9