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In this post I will explain about "How to Create Refund against Customer Credit in R11i" ( How to
create refund against on ON-Account Credit ).
In R11i we have option to create refunds for on Account Credit Memo, but before we do that we need
to setup limits for each user/currency combination who create the Credit refund , this is to avoid any
fraud.
In R11i , we create a Negative amount miscellaneous receipt for Refund.
Below are the Steps for Creating the refund.
1.Create a New Receivable Activity with the Type of "Electronic Refund" and mark it as Active.
2.Set the Approval limit for each user/currency Combination with a Document Type "Credit Memo
refund. Notes - Approval limit should always defined in Positive #.
3.Also make sure that the receipt class that you use for On Account Credit Memo has Payment Type
'Automatic" and requires Remittance.
Create an Invoice and receipt against that.
Now for refund , First create an On - Account Credit Memo, with Payment Type 'Automatic" and
requires Remittance.
Make sure that customer bank details has populated in Credit Memo along with Bank and Account
Info. Another Important thing that we need to take care is Line Item info for On- Account Credit
Memo must be created with the Negative Amounts.
Once On Account Credit memo has created, click on the Application. Action > Application and the
from List of value select the "Electronic refund".
Enter the Amount to Refund in the Amount applied field of the Application UI, and Save. On Save
System will create a Negative Misc. Receipt (thats the Refund generate for On Account Credit
Memo).
AP invoice created
the invoice created in AP is of type Payment Request and the supplier number and
supplier sit name will not be populated for this invoice.
Accounting Entries
-----------------------AR Credit memo Accounting Entries
Revenue a/c------------Dr
To Receivables a/c----Cr
Accounting Entries in AR for Refund
Receivables a/c-------Dr
To Refund a/c---------Cr
AP Invoice Accounting Entries
Item Expense (Refund) a/c---------- Dr
To Liability a/c------------------------- Cr