Refund / Return / Exchange:
For all 3:
a) go to the Completed Invoice...highlight it and click the Adjust/Refund/Return/Exchange button. This will create a Credit Memo.
b) then set the Type at the top (to add Types, go to Tradepoint > Setup > Setup > Accounting > Refund Reasons).
c) a g/l entry will be automatically made based on the Products listed on the Credit Memo. Sales (Revenue) will be Debited based on the g/l code associated to the Product(s) listed.
*This will post the refund to the Customer account when Completed. This will Not have any effect on Inventory. This option can be used to refund back to the original credit card used for the purchase (if paid by Credit Card).
a) Select 'Refund' as the Item Type (first column)
b) If the Refund is based on the Product(s) Sold, leave all applicable Products on the Credit Memo. You can also highlight multiple Products and hit ‘Delete Selected’ at the top of the page to remove certain Products from the Refund.
c) Adjust the dollar amounts on the Refund as necessary.
d) When the Grand Total matches the amount you want to refund, check the ‘Complete’ box in the lower right corner of the Credit Memo.
e) To put the refund back on the credit card, click ‘New Repayment’ at the top of the screen, Select the Original Payment (or add a new card # if applicable). Click OK
**This will post the refund to the Customer account when Completed. This will make inventory adjustments based on the units stated on the Credit Memo. This option can be used to refund back to the original credit card used for the purchase.
a) Select ‘Return’ as the Item Type
b) follow the same steps as above to complete the Return
c) in addition to the g/l credits posted, inventory units will also be updated
***This will post the refund to the Customer account when Completed. This will create a New Order for the new item being shipped to the Customer. This will make the inventory adjustments based on the exchanged units. The units being shipped will not be removed from inventory until the order has been fulfilled. This option can be used to either refund or charge the card for the value difference being exchanged.
a) Select ‘Exchange’ as the Item Type
b) follow the same steps as above
c) Additionally….enter the Exchange Product in the appropriate column along with the price of the exchanged item. The system will automatically calculate the difference in value.
d) all applicable g/l accounts and inventory will be updated automatically
PLEASE NOTE: If you are not refunding back to a credit card, but instead crediting the Customer Account or cutting a check, please follow these steps instead:
For a Customer Credit:
1) Go to the Customer Account > Invoice > hit New Payment (without associating it to any invoice). This will create a Pre-Payment for this customer.
2) Enter the amount of the total credit…Complete…and Save/Close
3) In this case all inventory adjustments need to be done manually. Go to the affected Products > Inventory…highlight the warehouse…Edit Current Inventory, and follow the wizard.
4) The result will be that you will have a new Credit on the Customer Account which can be applied to a future invoice.
For cutting a check as a Refund:
1) Go to the Customer Account > Bills > New Bill
2) Enter the Credit in the Expense tab and code to the G/L you want the debit to go to
3) Complete and Save/Close
4) If this is for a Return or Exchange, follow the above instructions to make the appropriate inventory adjustment.