Hi, I need help please!
We purchase inventory overseas:
4 units at $69 each + Taxes + Landed Cost Voucher
All ok, until items arrive(We create the Purchase Receipt) and one of the item arrived somewhat damaged.
We keep the item and we are going to sale it at liquidation
The supplier has issue a refund to our original payment method for $75 total.
I tried to create a Debit Note\Purchase Return from the original Purchase Invoice
Stock as zero and amount as $75
My problem is in Accounting
- Debit: Creditors
- Credit: Stock Received but not Billed
After Payment Entry
- Debit: Payment Method
- Credit: Creditors
Stock Received ut not billed is credit with $75
and stock balance is the same, has not reduced the amount of the goods