usage:poreturn
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usage:poreturn [2015/03/23 12:19] mueed |
usage:poreturn [2015/05/15 04:27] (current) mueed old revision restored (2015/03/25 23:50) |
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| ====== Purchase Return ====== | ====== Purchase Return ====== | ||
| - | Goods purchased are returned for various reasons, mostly for quality fail/ defective piece. | + | Goods purchased are returned for various reasons, mostly for quality fail/ defective piece. Purchase Return Transaction can be entered with Ref. to any Confirmed GRN.\\ |
| - | \\ Return can of three types: \\ | + | \\ Purchase Return can of three types: \\ |
| - | * Exchange/Replace [Usually no monetary transactions are involved, Vendors replaces the faulty piece] ((Only Stock position of the item and Inventory/Accruals in accounts should be taken in consideration in my opinion)) | + | * Exchange/Replace [Usually no monetary transactions are involved, Vendors replaces the faulty piece] ((Only Stock position in IM should be taken in consideration in my opinion. Replacement should be treated as an extension of GRN. Replacement transaction freezes the stock to be used until replacement arrives. Once replacement arrives, Receive is documented against the same GRN and stock is ready for taking.)) |
| - | * Return [When vendor fails to replace the faulty piece, monetary settlements are made and goods are returned ] | + | * Return [When vendor fails to replace the faulty piece, monetary settlements are made and goods returned to the Supplier] |
| - | * Discount [Procuring party keeps the goods but comes to a mutual monetary settlements as compensation ] | + | * Discount [Procuring party keeps the goods but comes to a mutual monetary settlements with the Supplier as compensation ] |
| \\ | \\ | ||
| Actions Involved in Purchase Return are: | Actions Involved in Purchase Return are: | ||
| * Create | * Create | ||
| * Approve | * Approve | ||
| - | * POST to GL | + | * Issue Debit Note [Post to GL] |
| - | * Settlement | + | * For Exchange: Receive Confirm [Post to GL] |
| Line 23: | Line 23: | ||
| ^ GL Interface Type/[Account] ^ Account Usage ^ Sub-account ^ Currency ^ Dr ^ Cr ^ Notes ^ | ^ GL Interface Type/[Account] ^ Account Usage ^ Sub-account ^ Currency ^ Dr ^ Cr ^ Notes ^ | ||
| - | ^ Returns | Ledger | | Base | |Standard Cost | | | ||
| ^ Inventory/Accruals | Ledger | | Base | | Standard Cost | | | ^ Inventory/Accruals | Ledger | | Base | | Standard Cost | | | ||
| ^ TRADE CREDITORS/Accounts Payable | AP | Supplier | Prime |(Purchase Price-Discount) + Tax | | | | ^ TRADE CREDITORS/Accounts Payable | AP | Supplier | Prime |(Purchase Price-Discount) + Tax | | | | ||
| Line 34: | Line 33: | ||
| + | ==== POST (Discount) ==== | ||
| - | \\ | + | When Purchase Return (Discount) is posted to GL, the following accounting entries should be created. |
| - | ====SETTLEMENT Purchase Return==== | + | |
| + | ^ GL Interface Type/[Account] ^ Account Usage ^ Sub-account ^ Currency ^ Dr ^ Cr ^ Notes ^ | ||
| + | ^ TRADE CREDITORS/Accounts Payable | AP | Supplier | Prime |(Purchase Price-Discount) + Tax | | | | ||
| + | ^ Purchase Discount | Ledger | | Base | |Discount | | | ||
| + | |||
| + | |||
| + | ==== Receive Confirm (Exchange)==== | ||
| + | |||
| + | For Exchange type returns, There should be NO monetary transactions. But for better clarity A voucher is created like Return on Issue DN. That Voucher is reversed when exchanged goods arrives by clicking Receive Confirm | ||
| - | Once the Purchase return is settled, Trade creditor – control A/C's sub account's (Supplier) credit available will deduct the settled amount of money and the following accounting entries are created. | ||
| - | ^ GL Interface Type/[Account] ^ Account Usage ^ Sub-account ^ Currency ^ Dr ^ Cr ^ Notes ^ | ||
| - | ^ CASH AT BANK | Bank | | Prime | (PurchasePrice-Discount) + Tax | | | | ||
| - | ^ TRADE CREDITORS - CONTROL A/C | AP | Supplier| Prime | |(PurchasePrice-Discount) + Tax | | | ||
| - | \\ | ||
/srv/www/htdocs/wiki/data/attic/usage/poreturn.1427113189.txt.gz · Last modified: 2015/03/23 12:19 by mueed
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