Refunds, Returns, and Exchanges Quiz

What is a refund?

• Money given back to the customer after receiving a payment

• Inventory being received back into the system

• A change to a sale after it's been placed

• A monetary transaction

What does a return indicate?

• Money given back to the customer after receiving a payment

• Inventory being received back into the system

• A change to a sale after it's been placed

• A monetary transaction

What does an exchange indicate?

• Money given back to the customer after receiving a payment

• Inventory being received back into the system

• A change to a sale after it's been placed

• A monetary transaction

When can an exchange happen?

• Before the item has been shipped

• After the item has been shipped

• Both before and after the item has been shipped

• An exchange cannot happen

What should be done if a customer requests an item swap before dispatch?

• Create a new sales credit

• Create a customer payment

• Remove the item from the order and add the new one

• Create a sales credit with inventory items

What is a sales credit used for?

• To reverse the accounting created off the back of the sales order

• To refund money without receiving goods in return

• To receive inventory when it arrives from the customer

• To restock, write off, or put goods into quarantine

How can a refund be made without receiving goods?

• Create a new sales credit and mark it as invoiced

• Create a customer payment from within the sales credit

• Create a sales credit with inventory items

• Create a miscellaneous line to describe the nature of the refund

What should be done to refund for returned goods?

• Create a new sales credit and mark it as invoiced

• Create a customer payment from within the sales credit

• Create a sales credit with inventory items

• Create a miscellaneous line to describe the nature of the refund

What can be done with goods received from a customer?

• Restock

• Write off

• Put into quarantine

• All of the above

What is the best way to create a sales credit for returned goods?

• Clone lines from the original sales order

• Create a new sales credit and mark it as invoiced

• Create a customer payment from within the sales credit

• Create a miscellaneous line to describe the nature of the refund