I need to make a full refund for cancelled membership. The membership is was originally recorded in Revenues Journal. There is no account set for refunds. Do I make negative entry in same journal? I am new to Simply, thanks for your help.
Marg
Hi there: Yes, when you refund the money the entry can be made as a negative entry to Revenue (in other words a debit to decrease the amount of the revenue). It is not necessary to have a separate account for refunds. Rita Deering
That is clear, thank you.
