Mastercard credit

instint

I hired a ladder from an equipment hire company,They invoiced me twice for this each $242 including gst.These amounts are on the Mastercard statement.The following month they credited me $264 which is on the next Mastercard statement.How do i enter all this so the bank statement can be reconciled?The Mastercard is a Business Choice Everyday Mastercard so the monthly payment is debited from the Bank account at the beginning of the month.

GerryWinter

I would sort it out with the hire company first and it doesnt matter what happens along the way it should sort it self out in the end. Post the wrong thing to a holding account.

instint

The Hire company said that they`d invoiced the amount twice but corrected it with the credit of $264.I would just like to know how to enter this credit so that the bank reconciliation balances

Kris_Williams

As Jerry said post the incorrect payment to a holding - contra account, and then the deposit the following month to the same account, no tax code on either

Acctd4

If you’ve set this up as a Credit Card, you can enter the 2 Charges & the refund as a CC Credit - as per the CC Statement - as the 2nd charge & refund will cancel each other out just leaving the one charge.

The monthly repayment should be entered via a Chq direct from the bank account to the CC account (no tax code)

instint

I have not set the Mastercard up as Credit card as it`s a debit card & the payments come out automatically at the start of each month

GerryWinter

I thought that Mastercard was a Credit Card and Reckon treats Credit and Debit card differently, you can still have payments taken out automatically

Acctd4

If you just enter payments (eg via Write Chq) enter the duplicate & post it to an account, with NO tax code:

To receive the refund, you can then enter this directly into the Make Deposit window, posting back to the same account:

It doesn't really matter which account you use, as long as they're the same on each transaction. These will then cancel each other out & just leave the original payment, but still reflect all 3 transactions on your bank statement:

I've just noted that they refunded you more than the duplicate payment ??? ... Or is that just a typo ? The purpose of the above process is to only be capturing the out-of-pocket amounts for the duplicate/refund so you would need to make sure the excess duplicate payment component & refund component are the same, otherwise the expense & GST amounts won't be correct.

Note: A long-term glitch in RA/RAH drops out the Payee (Received From) name in stand-alone Deposits so go to your bank register & just enter/select the Supplier name again & save. This will ensure it displays under your Supplier's transactions:

instint

Thank you all.Resolved