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.
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.