Refund Owner Credit TOPS [ONE]Follow
Sometimes someone overpays on accident and requests a refund of over payment. Other times, someone may have a credit on account when they sell the unit and you need to issue a refund. There is a few steps to take to get this done in TOPS [ONE].
First step is to adjust the prepaid balance off the homeowner creating a credit in the cash account.
- Click Accounts Receivable and select AR Adjustments.
- Select the community that you want to add a code to.
- Select PREPAID ADJUSTMENT.
- Under OWNER pull up the owner with the Prepaid balance.
- Under ADJUSTMENT TYPE, ensure Prepaid Adjustment is selected.
- Fill out POST DATE, as the date the refund will be issued.
- Under Adjustment, you will enter -XX.XX (where this is equal to the amount to be refunded).
- For the Credit Account you will fill in the Checking account the refund will be issued from (ie, 1010).
- For the Debit Account you will fill in the Prepaid Assessment account (ie, 3310).
- Next we will select Accrue ()on the top right of the screen.
- After Accruing the Adjustment, open it and Post it.
Now we need to add the homeowner in as a vendor so we can write them a check.
- Click on AP Accounts Payable, and then click on Vendors.
- At the top right, click on Actions, and then Add Vendor.
- Fill in the fields with the homeowner's information, and then click Save at the upper right.
Next we add the bill which will create the debit into the cash account washing the adjustment.
- Click AP Accounts Payable Select Enter Bills
- Use the search box underneath VENDOR to find the homeowner you just added.
- Select the TYPE of entry (Bill)
- Select the SCHEDULING for the entry (This Time Only)
- Enter the DETAILS for the entry. This will include Bill Number, Reference (What the entry is for), Bank, Bill Date (The actual date the Bill was issued), Effective Date, and Due Date
- Enter in the Bill Distribution (this will be the cash account), and how much the entry is for.
- If you have any Attachments to add (Pictures of work, or a vendor's business card to attach to an invoice), then you will enter it in the Attachment Gallery section
- At the top right, hit Post
Lastly, once you are ready to issue the refund, which will create another credit. You will post the check.
Print AP checks in TOPS [One] accounts payable
Why this works:
Two transactions wash each other out
- Adjustment - removes from cash (credits)
- AP cut check puts it back to cash (debits)
- AP offset removes from cash (credits)