How to Issue a Vendor Refund in Acumatica
Follow these Steps to Issue a Vendor Refund in Acumatica:
Understanding Vendor Refunds
A vendor refund is processed in the system when a company receives money back from a vendor. A vendor refund increases the balance of the cash account.
In this example, there is an open prepayment in the system that will be applied against the open prepayment to close out the refund and the prepayment amount. This creates a transaction that debits cash and credits the prepayment account (typically Deposits – Vendors). The transaction will record the cash and also close out the prepayment for the associated purchase order.
Instructions for creating the vendor refund are detailed below.
How to Issue a Vendor Refund
- Navigate to Payables > Checks and Payments.
- Create a new Vendor Refund record by choosing Vendor Refund from the Type drop down
- Choose the appropriate Vendor and Payment Method in the header
- Enter the dollar amount of the payment received from the vendor in the Payment Amount
- Verify/update the application dates
- Add the Payment Reference from the document received from the vendor (ex: the Check Number or ACH reference number)
- Save the record
- Add a row to the Documents to Apply table
- Select Prepayment for the Document Type
- Select the correct prepayment in the Reference Nbr. field (type, or use the lookup to choose the prepayment)
- Release the document