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In accounting, the revenue recognition principle states that revenues are earned and recognized when they are realized or realizable, no matter when cash is received. It is a cornerstone of accrual accounting together with the matching principle. Together, they determine the accounting period in which revenues and expenses are recognized. [1]
RMA/RGA comes before the customer permanently relinquishes ownership of the product to the manufacturer, commonly referred to as a return. A return is costly for the vendor and inconvenient for the customer; any return that can be prevented benefits both parties. Returned merchandise requires management by the manufacturer after the return.
To allow the buyer to purchase an item or service from that seller on a future date, i.e. a gift card or store card credit. Credit notes may be issued by a seller as a goodwill gesture to a buyer who wishes to return previously purchased merchandise (instead of cash repayment) in circumstances where the original sales agreement did not include an explicit refund policy for returned items.
The Philippine Institute of Certified Public Accountants (PICPA) is the national professional accountancy body of the Philippines. Explorers with an accounting background first formed the PICPA in November 1929. [2] The PICPA focuses on four areas of practice for a CPA: Public Practice, Commerce and Industry, Education, and Government. [2]
In certain countries, such as Australia, consumer rights dictate that under certain situations consumers have a right to demand a refund. [3] These situations include sales that relied on false or misleading claims, defective goods, and undisclosed conditions of sale. There are various reasons why customers may wish to return merchandise.
For small, independent restaurant owners, the dilemma is real: Do you placate complaining patrons with freebies even when they’re the ones in the wrong?
The outlet said refunds could take longer during peak filing times in April, while refunds that include the Earned Income Tax Credit or the Additional Child Tax Credit can't be issued until mid ...
The Xero accounting software uses a single unified ledger, which allows users to work in the same set of books regardless of location or operating system. [26] It provides automatic bank feeds, invoicing, accounts payable, expense claims, fixed asset depreciation, purchase orders, bank reconciliations, and standard business and management reporting.