UPDATE SALES JOURNAL. Upon receipt of the approved credit memo, the transaction is recorded in the sales journal as a cantor entry. The credit memo is then forwarded to the inventory control function for posting. At the end of the period, total sales returns are summarized in a journal voucher and sent to the general ledger department.
UPDATE INVENTORY AND AR RECORDS. The inventory control function adjusts the inventory records and forwards the credit memo to accounts receivable, where the customer’s account is also adjusted. Periodically, inventory control sends a journal voucher summarizing the total value of inventory returns to the general ledger update task. Similarly, accounts receivable submits an AR account summary to the general ledger function.
UPDATE GENERAL LEDGER. Upon receipt of the journal voucher and account summary information, the general ledger function reconciles the figures and posts to the following control accounts:
UPDATE SALES JOURNAL. Upon receipt of the approved credit memo, the transaction is recorded in the sales journal as a cantor entry. The credit memo is then forwarded to the inventory control function for posting. At the end of the period, total sales returns are summarized in a journal voucher and sent to the general ledger department.
UPDATE INVENTORY AND AR RECORDS. The inventory control function adjusts the inventory records and forwards the credit memo to accounts receivable, where the customer’s account is also adjusted. Periodically, inventory control sends a journal voucher summarizing the total value of inventory returns to the general ledger update task. Similarly, accounts receivable submits an AR account summary to the general ledger function.
UPDATE GENERAL LEDGER. Upon receipt of the journal voucher and account summary information, the general ledger function reconciles the figures and posts to the following control accounts:
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