Please guide Query: If payment received from Party including Vat and after one month customer asks for payment refund due to bad quality and we have deposited the vat to government which payment has to be refunded.
s s bhati (MANAGER FINANCE ) (37 Points)
12 April 2017Please guide Query: If payment received from Party including Vat and after one month customer asks for payment refund due to bad quality and we have deposited the vat to government which payment has to be refunded.
V P Narasimhan
(Accounts Manager)
(791 Points)
Replied 13 April 2017
Raise a Credit Note & reverse the entry while paying VAT adjust the C/Note amount.
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