Processing a Refund Pre-payment and Recording it as an Adjustment - TPS Cloud Axis

Step-by-Step Guide: Processing a Refund Pre-payment and Recording it as an Adjustment

This step-by-step guide will walk you through the process of refunding a pre-payment and recording it as an adjustment in the client's records. This process involves generating an additional transaction in Accounts Receivable (A/R) to allocate the prepayment and maintain the record of the original payment.

1.  Access the AR Adjustment Tool:
   Start by navigating to the "Tools" menu in TPS Cloud Axis. From the menu options, select "AR Adjustments."
   
   
   
2. Create an AR Adjustment Increase:
   Within the "AR Adjustment Increase" tab, select the client, engagement (optional), date, description, and amount. The description is crucial, as it should clearly identify the refund for both the client's reference and internal record-keeping purposes. Additionally, ensure that the amount entered matches the pre-payment amount you intend to refund.
   
   
   
3. Apply the Pre-payment to the AR Adjustment:
   Access the Payment screen and utilize the "Detach - Attach" options to link the pre-payment to the newly created AR Adjustment transaction. This action ensures that the pre-payment is attached to the AR Adjustment Increase - Refund transaction, properly reflecting it on the client's account.
   
   
   
4. Review Inquiry and Reports:
   Once the pre-payment is successfully applied to the AR Adjustment, the Inquiry and reports, such as the AR Statement, will accurately reflect the refund, capturing the adjustments made and offering clarity for both internal analysis and client review.
   
   Inquiry:
   
   
   A/R Statement Report:

By following these steps, you can efficiently process refunds, record them as adjustments, and maintain accurate records in TPS Cloud Axis.

Sincerely,

1-888-877-2231 - toll-free      

0 Votes