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Customer : Issue receipt amount more than cash received

posted Sep 17, 2009, 12:33 AM by Unknown user   [ updated Sep 17, 2009, 7:20 PM by Unknown user ]
There are times when the customer will request for a Receipt with amount more than what the customer actually paid. For this situation, you can do the following :

Cost = RM 10
Actual selling price / Amount received = RM 25
Alternate pricing = RM 30


Invoice

  Debit Credit
 Inventory Cost
 10 
 Acc Receivables
 30 
 Sales  30
 Inventory  10



Customer make payment RM 25 / Issue Receipt

  Debit Credit
 Bank A
 30 
 Acc Receivables
  30



Create Customer CM

  Debit Credit
 Sales 5 
 Acc Receivables
  5



Issue PV (Offset the above CM)

  Debit Credit
 Acc Receivables
 5 
 Bank A
  5



Final entries (Like Cashsales)

  Debit Credit
 Inventory Cost
 10 
 Bank 25 
 Sales  25
 Inventory  10

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