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I made a prepayment to a vendor and recorded it. However, the vendor has now refunded the amount back to us. I'm not sure how to account for it at the moment, but the refunded amount has been deposited into our bank.
any guidance?
I know there was few topics on similar issue but it seems I didin't find the answer.
I received following year end adjustments
Account payables Cr 20 000
consulting services Db 20 000
Since I cannot do adjustments to accounts payables without…
The bookkeeper before me has the line of credit account set up as a cash account. So I am unable to record payments on it and account for it correctly. Sage will not let me simply change the account type to a liability. It is only giving me asset options…
