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Recording an erroneous refund
A customer's account was mistakenly credited $100 instead of being debited that amount (for an invoice payment) via our ACH system. When the mistake was discovered, we debited that $100 sent in error, plus they were debited $100 for their invoice. So first we transferred $100 out of our account and then we received $200 in our account.
Unfortunately, the two transactions happened in different months. The credit was effected at the end of March, so the deduction of $100 shows on our March statement. The $200 credit posted to our account on April 1. So how do I record that initial mistake and the reversal so that both March and April reconcile?
Solved! Go to Solution.
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