If you have issued advances to your employees, there might be a chance where the employees might not be spending the entire amount and would like to refund the amount back to the company. For such instances, you can record the advance refund from the employee and settle the advance account associated with the employee following the below steps:
1. Toggle to 'Company View' and go to 'Advances' option in the left menu.
2. At the top, you will find 3 tabs i.e. Requests, Refunds & History. Click on the 'Refunds' tab.
3. To enter details of Advance refund that is being collected from the employee, click on 'Collect Refund' button.
4. This will open a window for the finance team to enter the details of the refund i.e.
Employee: Name of the employee from whom you are collecting refund
Payment Mode: By which mode is the employee refunding the advance
Reference Number: Transaction number of the refund
Currency & Amount: The amount being returned by the employee as a refund along with currency details.
Note: Any additional details that you would like to add
5. Once the refund details have been saved, you can view the details as below.