Sales Returns Flashcards
1
Q
What happens when a customer returns goods
A
The accounting system has to record the fast that goods have been returned
2
Q
What happens if a customer returns goods following a credit sale
A
The RLCA in the general ledger and the customers individual account in the receivable ledger will need to be credited with he value of the goods returned using a credit note
3
Q
Do you have to include VAT on a credit note
A
Yes
