Overpayment occurs when a buyer sends a payment that exceeds the amount due. If not for a continuous service that can be extended, it must be refunded or credited to the buyer's account for future use.
The process of returning cash or a check, typically by the IRS or state tax agency, when the taxpayer's withholding and estimated tax payments exceed their tax liability for the year.
A sales credit note is a document issued by the seller to a customer to cancel, or partly cancel, an invoiced charge. It serves as an acknowledgment of the adjustment and facilitates a refund or a credit towards future purchases.
A warranty is a guarantee provided by a seller to a buyer that the goods or services purchased will perform as promised. If not, a refund, exchange, or repair will be offered at no charge.
