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How to enter refund on investment in property in MProfit?

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  • How to enter refund on investment in property in MProfit?

    Suppose I have invested Rs. 35 lakh in a property. All the investment is shown debited from my bank account.

    After two years, the builder refunds 2 lakh as after the final accounting by the builder, the actual cost comes out to be cheaper. Now I get this refund in my bank account.

    How do I account for this refund transaction so that the cost of the property asset also goes down by Rs. 2 lakhs to Rs. 33 lakhs?

    Thanks a lot.

  • #2
    Dear Madhup,

    You need to edit the entry of original cost from 35 lakh to 33 lakh, and in accounts show 2 lakh receivable from builder. Then square of this receivable when you receive the refund.
    MProfit Support

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    • #3
      Thanks a lot for the quick reply.

      Cheers!

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