Cash Receipt for vendor refund entered as a positive expense, causing double posting to a budget

Cash Receipt for vendor refund entered as a positive expense, causing double posting to a budget

Vendor returned funds; the refund was recorded as a negative expense on a Cash Receipt (CR) and now the CR is showing a positive expense causing it to hit the budget twice. 

Solution: Modify the CR to change the dollar amount in the CR to positive instead of negative. Positive means that cash was received; negative would be for payments of cash, which is usually only seen in depository bank accounts for things like bank fees. A positive expense would be recognized by FINET as a decrease to an expense, while a negative expense would be recognized as an increase to an expense.

    • Related Articles

    • QRG - Creating a Cash Receipt

      (A copy of the QRG with screenshots can be found here:https://drive.google.com/file/d/18avG6spXSzy54kkKX_ECMKnoh7l61aVd/view ) Introduction This quick reference guide describes how to create a Cash Receipt (CR) transaction in FINET. CRs serve to ...

    • Creating a budget in Vantage

      What is the page code to create a budget entry in Vantage? For appropriations use BGAA For Revenue budgets use BGR45 For Expense budgets use BGE44

    • What is the best way to process a CR that is overpaying an RE?

      Answer There are three places to add a collection Apply the CR to a customer account (FINET will apply it to all receivables first and then to the liability Receivable (FINET will apply to all lines of the receivable first and then to the liability) ...

    • How do I create a Program Budget

      1. Create BGPE: Create an instance of the desired Budget Transaction Code. 2. Navigate to the Budget Level: Skip the Header tab and navigate to the relevant Budget Level tab, which corresponds to a defined layer of the budget structure. The system ...

    • QRG - Creating a General Accounting Expense (GAX) Transaction

      (A copy of the QRG with screenshots can be found here: https://drive.google.com/file/d/1xXkKZffrpBhjOC7HWa7CcpMNH9ODLhf3/view ) Introduction This quick reference guide describes how to create a General Accounting Expense (GAX) transaction in FINET. A ...