Point of Sale - End of Day Procedure for Refunds

Fully Paid Refunds

A fully paid refund is simply recorded as a negative entry on the Income Account and a negative payment on the bank clearing account used:

Original Refund

$100 refund

Calculated Summary

$100 credit from the Income account representing the refund and paid from the Cash account.

Partially Paid Refund

A partially paid refund is handled as a reverse of a LayBy thus it will create a negative entry on the LayBy account.

Original Refund

$1,100.00 Refund paid only $400.00 back to the customer will generate:

Calculated Summary

-$400.00 LayBy transaction with a payment of $400.00.

There is an implicit assumption that the refund will be fully paid at a later date.