Interested to Buy Any Domain ? << Click Here >> for more details...
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
- 1 Answers
- 3481 Views
- Polaris, I also Faced
- E-Mail Answers
Answer Posted / 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 |
Post New Answer View All Answers
How will account an advance of Rs.10000/- which is a permanent prepayment, can I make payment for this?
could you please post some work around that any body have done in the financial modules.
What is Work Flow of AP,AR, Sales & Purchase
difference between primary ledger and secondary ledger in r12
What is difference between primary and secondary ledger
Invoice Approval Process?
Explain Customer Creation and Maintenance Process. Provide samples of customer master records with Payment Terms.
How to refund for a customer who returns goods and wants a refund for $600 in R12 In above scenarios customer does not want Credit Memo or On- Account Credit, he wants refund check . and as we know we do not issue check from AR. How can we issue Check from AP and how offsetting is done for the same in R12
Payables Applications Technical Reference Manual
Re: what are the Issue that we face in Gl,PO and AP while Supporting
What are the inventory report to check inventory status.
Re: While you are in implemenation what are u faced the issues ? tell me what some ap & GL issues?
There is employee X and employee Y (who is supervisor of X); when Y submits expenses how will the system ensures that this should not go to X even if he has the approval authority.
Can I do a payment of 50 bills on a post date. If yes, then how?
What is Reporting of financial data in a project.
