I need to find the best methods to handle the following:
If I invoiced a company for a service, and they paid the invoice. It has been discovered that a refund is due back the company.
How do I refund the money without overstating the sales for the year? I created a credit memo but the only way to offset the credit memo would be a invoice. Would this not overstate?
When I write the check Dr. Expense and Cr. Cash, is this not the correct.
Any advice.