When you have a refund or return against paid invoices, you can click on the return link next to each invoice item to start the refund/return process.
There is also a different option of doing adjustment on a posted invoice if the invoice is not paid and you have not shipped anything to the customer. see here .
If you are doing returns on an invoice is not yet paid, you can choose to have the invoice total adjusted by the returned amount by checking the checkbox "Adjust invoice total by the amount returned". This will reduce the amount owing on the invoice so you can re-print and send to customer.
Enter the quantity to refund/return and the actual amount to refund.
The actual cost of refund needs to be recorded against a GL account, this will typically be an expense account as you would normally categorize any write down on invoices as expenses to the business. Select this account in GL Account to Record Return Expense in .
You would also need to refund the amount from an asset account , select this under GL Account to Refund/Return From. Generally, if the invoice is not paid, you would select the AR account for the customer on the invoice. Type in the name of the customer to find the AR account for this customer. If the amount being returned is already paid, you would choose a cash account to refund the money from or choose another account to hold the credit(A possible account is the customer deposit account for the customer. Type in the name of the customer to find the deposit account for this customer)
If the quantity being returned needs to be restocked into inventory, enter the quantity to return to inventory. Otherwise, keep it zero. Entering a positive quantity will cause you inventory to increase by the quantity returned. VersAccounts will be adjusting your inventory to return the quantity to stock. Enter the balancing account for adjustment (this is typically some kind of expense account to offset the increase of stock value) and the reason for adjustment (pick return typically).
Click on submit to finish the process.