Please help me...
There is an Accounts payable open item.
First we purchased the goods worth of 1000/- out of which 200/- returned. We have raised the vendor credit memo for 200/- but later we received the cheque from vendor for 200/- so we need to reverse the credit memo which we raised and we reversed once we receive the cheque. Now there is an open item of 200/- in the AP accounts, no balance in vendor account
Dear Sudarshan,
Vendor's A/c. will be squared up as under,
When you return goods worth Rs.200, below entry will be passed,
Vendor A/c. Dr. 200
To Purchase return Cr.200
When payment received, pass below entry
Bank A/c. Dr.200
To vendor Cr.200
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