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ekmungai / eloquent-ifrs

Eloquent Double Entry Accounting with a focus on IFRS Compliant Reporting
MIT License
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Reversing cash purchases. #154

Closed ArnoldNicole closed 3 months ago

ArnoldNicole commented 9 months ago

A Debit Note transaction is used to reverse a purchase made on credit, either in full or partially.

What transaction should be used for reversing cash purchase from suppliers.

ekmungai commented 9 months ago

Hi @ArnoldNicole,

As cash purchase reversals constitute an uncommon occurence, they are usually handled via Journal Entry transactions

Cheers, Edward