Suppose I ordered a computer mouse for 750 INR from Amazon and made payment from Bank Account of the company. This payment is being recorded as an Expense under “Computer equipment”.
Now suppose somehow the mouse was not delivered and Amazon refunded the amount into the Bank Account after say 4 days. Where this refunded amount should be recorded? I’m confused as it cannot be income obviously. Any suggestions? I’m new
Ok yes… I was assuming that too. Just want to clarify that if no other entry is present in “computer equipments”, in summary “Computer Equipments” should show Nil (hyphen) as Cr. and Dr. are equal. Am I right ?
Ok I used a new test business. The only expense is a Computer Equipment of 500. That too was refunded to the same account. In Summary Tab “Computer Equipment” shows Nil and after clicking the Nil Hyphen, The Computer equipment account shows two entries equal and opposite. I guess it’s as expectes.