Is this how goods return is suppose to be accounted for. For example
- I buy something say a phone handset for $100
- Decide it’s no good so take it back to the shop a few days later and get a full refund of $100.
Manager entry to buy handset is
This purchase is reflected in the tax summary (and Localisation “GST Worksheet”) as expected.
I had assumed to return it, an otherwise identical but negative value transaction would be optimal, such as
Looking at the Tax summary in a test business with no other transactions this results in
Which shows a purchase and a sale, which flows through in a similar manner in the localisation worksheet.
Option 2 is to process the return as a positive value receipt such as
However this also produces the same tax summary
I had expected the second option to be handled in Manager as an equal value purchase and sale. I had not expect the first option to also be treated this way.
Am I missing something?
Note using Manger v19.9.28