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Handling returns and refunds correctly in a retail shop
A return should put stock back, refund the right amount and show correctly in your VAT return.
· 1 min read
Returns are where many shops' books go wrong. A good return does three things at once.
Put the stock back
The returned item must come back into stock, at its cost, so your stock value stays right.
Refund what was paid
If the customer got a discount, the refund should be the discounted price, not the list price. Starting the return from the original bill does this for you.
Reverse the VAT
A return is a credit note. It reduces your output VAT in the period it is issued.
Choose how to pay back
Cash, card, bank transfer, or credit on the customer's account for their next visit.
In BillMate ERP you open the bill from Today's bills, choose Return items, remove what is kept and refund. Retail POS software.
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