Bill Prepayments: To Refund a Prepayment

The following activity will walk you through the process of creating a refund for a prepayment.

Video Tutorial

This video shows you the common process but may contain less detail than the activity has. If you want to repeat the activity on your own or you are preparing to take the certification exam, we recommend that you follow the instructions in the steps of the activity.

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Story

Suppose that on January 30, 2024, the SweetLife Fruits & Jams company received a refund of $25 from Compulink and Co. for the unused amount of the $190 prepayment. Acting as a SweetLife accountant, you need to process this refund in the system.

Configuration Overview

For the purposes of this activity, the following features have been enabled on the Enable/Disable Features (CS100000) form:

• Standard Financials, which provides the standard financial functionality
• Multibranch Support, which supports multiple branches in your instance of MYOB Acumatica
• Multicompany Support, which supports multiple companies within one tenant.

On the Accounts Payable Preferences (AP101000) form, the Hold Documents on Entry check box has been selected in the Data Entry Settings section.

On the Vendors (AP303000) form, the COMPULINK (Compulink and Co.) vendor has been configured. This vendor has the CHECK payment method specified as the default one.

Process Overview

In this activity, you will create and release a refund on the Checks and Payments (AP302000) form.

System Preparation

To prepare the system, do the following:

1. Launch the MYOB Acumatica website, and sign in to a company with the U100 dataset preloaded. To sign in as an accountant, use the following credentials:
   • Username: johnson
   • Password: 123
2. In the info area, in the upper-right corner of the top pane of the MYOB Acumatica screen, make sure that the business date in your system is set to 1/30/2024. If a different date is displayed, click the Business Date menu button and select 1/30/2024. For simplicity, in this process activity, you will create and process the document in the system on this business date.
3. On the Company and Branch Selection menu, also on the top pane of the MYOB Acumatica screen, make sure that the SweetLife Head Office and Wholesale Center branch is selected. If it is not selected, click the Company and Branch Selection menu to view the list of branches that you have access to, and then click SweetLife Head Office and Wholesale Center.

Step 1: Creating the Refund for the Prepayment

To create the refund for the prepayment, do the following:

1. Open the Checks and Payments (AP302000) form.
   Tip:

   To open the form for creating a new record, type the form ID in the Search box, and on the Search form, point at the form title and click New right of the title.
2. On the form toolbar, click Add New Record, and specify the following settings in the Summary area:
   • Type: Refund
   • Vendor: COMPULINK
   • Date: 1/30/2024 (the current business date, which is inserted by default)
   • Payment Ref.: 1152024PrepRef
   • Description: $25 refund for unused prepayment
   • Payment Amount: 25
3. On the Documents to Apply tab, click Add Row on the table toolbar, and specify the following settings in the added row:
   • Document Type: Prepayment
   • Reference Nbr.: The number of a prepayment with an amount of $190 and dated 1/15/2024
   • Amount Paid: 25.00 (filled in automatically)
4. On the form toolbar, click Save.

Step 2: Releasing the Refund

To release the refund, do the following:

1. While you are still on the Checks and Payments (AP302000) form, click Remove Hold on the form toolbar to give the refund the Balanced status.
2. On the form toolbar, click Release to release the refund.

   On the Application History tab, the released refund applied to the prepayment has appeared (see the following screenshot). The amount of the refund is shown in the Amount Paid column whereas the Balance column shows the balance of the prepayment.