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There may be occasions when you may need to make a refund to a customer. You should enter this into your TASBooks via the sales ledger to ensure the customer account updates correctly. When sending a refund to a customer, you will have already entered the invoice and customer receipt in TASBooks.
To process the refund correctly, you must enter a credit note to reverse the original invoice, or the part of the invoice you want to refund. Once you've done this, you must enter a refund and allocate it to the relevant credit note.
The following steps contain everything you need to record customer refunds in TASBooks.
Note: If the customer's VAT Type is set to Home in their record, this defaults to VAT rate 1 for Standard VAT.
Tip: You can complete as many lines as you need to until the transaction balances.
Note: If you'd rather enter your own description, you can do so, but you need to switch this option on first from Central > General Company Information > TASBooks Configuration (option 012).
Debits/Credits > enter the net value you want to post to the nominal code.
Tip: Unless you need to split the value between different nominal codes, this will be the net value of the credit.
Note: If this credit is for a VAT registered customer in another EC country, you'll now be prompted to enter the Goods and Services distribution.
Tip: The transaction completes with the correct double-entry to the Sales Ledger Control Account and the Bank Account.
You've successfully created the refund. You must now allocate it to the relevant credit note.