i-Account - How to Issue a Refund to Owner

Monday, August 02, 2021 TimeTec 0 Comments

Occasionally, the management needs to issue refund payments to owners and residents for circumstances such as a refund for penalties, cancellation of bookings/charges or overpayments. 

Below are the steps to record this in the i-Account system. 

A) Issue a Credit Note (Skip if not applicable)
Step 1

Before you proceed with issuing a payment voucher for the refund, consider if you need to issue a Credit Note to offset/cancel an invoice that has been previously issued. If yes, go to Sales > Transactions > Customer Credit Notes. If not, skip this section.

Step 2 
Select the owner name from the dropdown and set the Date for the Credit Note. 

Step 3 
Select the Credit Note item (e.g. Penalty Clamping), enter the amount and click on the “+” icon to add the line item.

Step 4
Click “Process Credit Note” at the bottom of the page.

B) Issue Payment Voucher
Next, you can proceed to issue a Payment Voucher for the refund. 
Step 1
Go to Banking and General Ledger > Transactions > Payments.

Step 2
Set the date and select “Customer” at Pay to section.

Step 3
Select the Payment Mode for this refund.

Step 4
Allocate the payment against the Credit Note that has been issued previously. Just click on “All” if the refund is for the full Credit Note amount. 
However, if this is a refund for an overpayment received from the owner/resident (no Credit Note required), you can skip this allocation to the Credit Note section. If this is the case, directly enter the Amount in the section below.

Step 5
Next, you can add a Memo before clicking “Process Payment Credit Note” at the bottom of the page.

This pop-up message will appear once the Payment Voucher is successfully processed.

Sample of Payment Voucher 

Note: If some of the screenshots or steps viewed here are different from the ones in the current system, this is due to our continuous effort to improve our system from time to time. Please notify us at info@timeteccloud.com, we will update it as soon as possible.


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