All Eftpos sales and refunds are done as one transaction each day, not sure how to process these in

AndrewAndrew Member Posts: 46
edited February 3 in Accounts Business Range
With Accounts Premier 2017,,,

All Eftpos transactions (sales and refunds) are processed as a single transaction each day.  I currently match these in the online banking center by making a deposit from the Undeposited Funds account to the bank account.  I issued an eftpos refund for the first time though and am not sure how to process this.

The refund came from a credit/adjustment note, where I used "Use credit to....Issue refund".
Of course Undeposited Funds is not available to choose to issue a refund from, so I am unable to create a deposit that matches the total figure for  the day.

Does it even matter if they can't be matched seeing they will reconcile with the bank account anyway?  As per the last post here...
https://community.reckon.com/reckon/topics/we-use-sales-receipts-for-our-daily-sales-eftpos-refund-greater-than-takings-how-do-i-record-the-negative-amount

I seem to remember transactions staying in the "Match Transactions" window though until they are matched with a single transaction, or do they disappear once reconciled?

Comments

  • AndrewAndrew Member Posts: 46
    edited January 31
    This problem has come up again.  Can't remember what I did last time in the end, but here is a better explanation of what is happening now....

    Say I had 3 transactons for the day:
    $100
    $100
    -$30 (a refund of $30)

    My bank statement will show a single deposit of $170 (the total for the day).
    When I try to make a deposit for the day's eftpos takings, only the $100 sales are showing available to deposit within the Undeposited Funds, hence I can only make a deposit of $200.

    The $30 refund is not there because I am unable to issue a refund from the "Undeposited Funds" account -  only from "Petty Cash"  or the Cheque account.

    (using Accounts Premier 2017)
  • SharonSharon Member Posts: 3
    edited January 31
    Is there an answer to this problem - as i have this problem now.  A refund will not allow to go to undeposited funds.
  • AndrewAndrew Member Posts: 46
    edited February 2
    Hi Sharon,

    I just looked up what I did this time...was a bit of a "hack" workaround...


    I processed the refund as cash.


    To make the eftpos deposit balance, I did a "cash back" amount for the value of the refund, to go to the Partner's Drawings account.

    So using the figures from the above post, I would have entered $30 in the "Cash back amount" box and the total deposit would have reduced to $170.


    So you have made it look like you took $30 out of your bank deposit as "drawings", and instead refunded the customer with cash.
  • Acctd4Acctd4 Accredited Partner Posts: 992 ✭✭✭
    edited February 3

    Hi Andrew/Sharon

     

    Be mindful of any GST as unlike a form refund - eg Refunded Adjustment Note etc - doing the refund as a “Cash back” doesn’t allow for reducing the GST you’re paying!

     

    Eg

    (Gross) Sale Amount         $ 1,100 (incl $ 100 GST)                 Total GST Liab = $ 100                   

    (Gross) Refund Amount    -$    550 (incl $   50 GST)                 Total GST Liab = $   50

     

    The above can only be reflected by using Tax Codes so is best done at the sales form stage (Tax Invoice/Adj Note etc)

     

    If necessary, I would create/select a Clearing Account to refund from & deposit the “Cash back …” to there to zero it out.

     

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    Reckon Accredited Professional Partner Bookkeeper / Registered BAS Agent (No: 92314 015)

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    0422 886 003

    [email protected]

    www.accounted4bs.com


    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    Reckon Accredited Partner (AP) Bookkeeper * Regd BAS Agent (No: 92314 015) *

    ICB-Certified Bookkeeper * Seasonal Tax Consultant since 2003

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    0422 886 003

    [email protected]

    https://www.accounted4bs.com/

  • AndrewAndrew Member Posts: 46
    edited February 3
    But I processed the refund (from the Create Adjustment/Refunds screen) as though I had paid the customer cash....which takes care of the GST you are talking about right?

    The only reason I did a "cash back"  was that was the easiest way to make the Eftpos deposit balance out.

    So in effect, it was as though I took $30 out (as drawings) and gave this to the customer.
    I then issued the refund as cash and reimbursed myself for the $30 that was given to the customer.
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