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    Reverse Receipt vs Refund

    Information on the different uses for Reverse Receipt & Refund in RMS.


    Refunds

    What is a Refund?

    A refund is a return of payment previously received.

    When to Use Refund

    • When payment has been received and is now being returned.
    • When there is an outgoing exchange of monies previously paid.
    • To record outgoing payment related to a corresponding credit.
    • When returning a security deposit or bond previously paid.

    Reverse Receipt

    What is Reverse Receipt?

    Reverse Receipt is an option available in RMS to completely remove a Receipt from an account.

    When to use Reverse Receipt

    • When payment was received by cheque and the cheque did not clear.
    • When a Receipt was processed incorrectly and will be re-applied.
    • When a direct debit fails and no payment was received.





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