Glossary
Refund
A refund is giving a customer back what he paid, in cash or the way he paid, after a return or a mistake on the bill.
What it means for a shop owner
A return does not always mean cash goes back, since the value may be taken off what the customer owes or kept as credit. If money leaves the drawer it must be recorded, or the drawer looks short at closing with no reason.
A worked example
A customer bought for 80 and paid cash, then brought the item back. 80 leaves the drawer, and if the refund is not recorded the drawer shows a shortage of 80 at closing.
Related
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