Print
You may want to know the GL accounts involved in the process of accepting a Trade-In and following it through to issuing a refund check to the customer. Attached are images of from the Journal
CREATE INVOICE
The invoice is created using CTRL-T (the simple Trade In form which asks for description, quantity and value)
When the Register is balanced, the invoice will appear in Accounting: Post Transactions as...
...11200-001 Inventory Inventory (Trade-In) Debit 1200.00 Credit 0.00
...22840-001 Unapplied Credits - AR Unapplied Credits Debit 0.00 Credit 1200.00
see attached pic ClipAcceptTradeInInvoice1.jpg
ISSUE REFUND CHECK
To remove monies from the customer AR credits, go to Management: Check Refunds. Add the customer and refund amount to this list and then choose Process. This creates a transaction in Accounting: Post Transactions as...
...11000-001 Checking Account Checking Account Debit 0.00 Credit 1200.00
...22840-001 Unapplied Credits - AR Unapplied Credits Debit 1200.00 Credit 0.00
see attached pic ClipTradeInRefundCheck2.jpg
THE CHECK IS SENT TO THE CHECKBOOK
The checkbook entry creates a transaction in Accounting: Post Transactions as...
...11000-001 Checking Account Check #1234 Debit 0.00 Credit 1200.00
...22840-001 Unapplied Credits - AR Check #1234 Debit 1200.00 Credit 0.00
see attached pic ClipTradeInIssueRefundCheck3.jpg
Related Articles
