Final answer:
When overranging or refunding occurs, the chit should include transaction details, date, reason for correction, and actions taken to maintain financial accuracy and accountability.
Step-by-step explanation:
When a transaction requires either overranging or refunding, it is important to accurately document the event. In such instances, the chit—the note or form used—should include the date, the initial transaction details, the reason for the overrange or refund, and the corrective action taken. This is crucial for maintaining accurate financial records and ensuring accountability. If an electronic medium was used initially and the replacement is also defective, a refund may be demanded, and similarly, this must be documented. Businesses and individuals providing services or products must record opportunities to fix the problem and the outcomes of such opportunities.