How to make a refund to the supplier
Video: How to Record a Refund from a Vendor or Supplier - QuickBooks Online Tutorial 2024, July
In the practice of commercial and industrial enterprises, there are situations when it is necessary to return the goods back to the supplier. The return scheme is different, because it all depends on the reason, configuration and other factors. The procedure for such procedures and their reflection in accounting and tax accounting has its own characteristics
Instruction manual
1
According to the Civil Code, the buyer has the right to return the defective goods to the supplier, and in return he may demand a new one or terminate the contract of sale.
2
It should be noted that when products arrive, poor quality can not be noticed right away, for example, if it is some kind of woodworking machine. During the initial inspection, no defects were detected, and during the work, the workers noticed that it leaves scars. In this case, the supplier must accept the goods back.
3
If defects are found, the accountant needs to draw up a waybill for the shipment of products, while making the inscription "return of goods" so that there is no confusion in the future.
4
If a poor quality product was revealed during its reception, then an act is drawn up. This document should be drawn up by a commission, which consists of the responsible persons of the buyer and, if possible, the supplier. The act is drawn up in the form of No. TORG-2.
5
This document may not be prepared in the case when the supplier and the buyer carry out the operation "reverse implementation".
6
It should also be borne in mind that the buyer should in no case make corrections to the accompanying documents on their own, only the supplier can do this, namely the one who signed the documents.
7
How to reflect the return when calculating VAT. The tax authorities cannot give an exact answer to this question; some accountants indicate the amount of VAT in section 2.1 on line 310. The recovered amount of VAT should be reflected in the sales book.
8
When returning the goods to the supplier, the accountant should reflect this with the entries: D76 "Settlements with different debtors and creditors" subaccount 2 "Settlements for claims" K41 "Goods" - low-quality products were shipped to the supplier; D76 subaccount 2 K70 "Settlements with personnel for remuneration" - reflects the costs associated with the return of low-quality products; D76 subaccount 2 K68 "Calculations for taxes and fees" - restored VAT on the return of products to the supplier.
