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What is the returned item charge?

A returned item fee refers to a charge that an online retailer may impose on a customer when they return a purchased item. This fee is meant to cover the costs associated with processing the return, including restocking, repackaging, inspecting the returned goods, and handling any reverse logistics operations.

What is returned item advice?

If a financial transaction doesnt go through because of insufficient funds, then this can trigger returned item charges (NSF fees). This means youre paying a fee for not having enough money in your account to cover your payments, a scenario you generally want to avoid.

What is the return report?

The Returns Reports provide information about returned products with reasons, customers with returns, summary of total number of returned lines and summary of total number of fulfilled lines.

What does return deposit item advice mean?

A Returned Deposited Item (RDI) - is a check that has been returned to a depositor because it could not be processed against the account which it was drawn on.

What does returned item advice mean on a bank statement?

Returned item charges are bank fees that are assessed when you dont have enough money in your account to cover a check (or online payment) and the bank doesnt cover that payment. Instead, they return the check or deny the electronic payment, and hit you with a penalty fee.

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What does advice mean on a bank statement?

Bank Advice is a message from your bank informing you that money has been added to or deducted from your account.

How do I record returned items?

When merchandise is returned, the sales returns and allowances account is debited to reduce sales, and accounts receivable or cash is credited to refund cash or reduce what is owed by the customer. A second entry must also be made debiting inventory to put the returned items back.

What is a returned materials report?

A form that records the return of material to store. A prime document, it contains similar information to a materials requisition and is used to debit stock and credit expenditure. From: materials returns note in A Dictionary of Accounting

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