Customer Receipts Bookkeeping Question
I accept credit cards at my business and want to know if I need to keep the receipt they sign?
If so, why? And how long?
How do I record a customer refund in the checkbook? Not sure which account is credited and debited.
Great question. Customer refunds are typically recorded in a Returns and Allowances (Income Account) as follows:
DEBIT Returns and Allowances
CREDIT Bank Account
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