Customer Refund by Eftpos (Undeposited Funds)

Kim Horn · April 2021

I have processed an adjustment note & chose to Give a refund.

The refund was through Eftpos but the refund screen does not have Undeposited Funds as an option for the Account?

How do we enter a refund via Eftpos?

Kris_Williams · April 2021

You wouldn’t use Undeposited funds you would select the bank account

Kim Horn · April 2021

I was hoping there was a way to "receipt" the refund to Undeposited Funds so I could Deposit it with the rest of the days Eftpos transactions to the Bank Account.

Kris_Williams · April 2021

Are you giving a refund or receiving one?

Kim Horn · April 2021

Giving a refund to a customer

Kris_Williams · April 2021

So it’s it a deposit you won’t be banking it with other eftpos deposits will you? If you haven’t issued a credit note and just refunded the money you can just enter a cheque (eftpos) and put it to the income account with GST if relevant. When you reconcile the bank it may be deducted from your income eftpos and so will have to tick this payment and the eftpos deposits

Kim Horn · April 2021

As we had 22 Eftpos payments to us of $1,506.74 & 2 Refunds to Customers of -$160.56, so our physical Eftpos Deposit into our bank account is $1346.18.

Thanks for that. That's pretty much how I've done it but was hoping not to have a deposit & cheque to tick in the reconciliation so that it would match when I imported the bank transactions.

Will just have to leave it as it is, Thanks

Acctd4 · April 2021

Hi Kim

Use a clearing bank account to “Receive” those 2 EFTPOS payments to & to pay the Refund from. Then, “Make Deposit” for the 2 EFTPOS payments & manually add another negative line posting to that same Clearing account. This should then:

* prevent an extra “Chq” showing in your bank rec

* ensure you’ve captured all transactions

* zero out the clearing account

&

* allow the correct net deposit as per your bank statement.

(Just an additional note on Kris’s advice above .... Do NOT use a tax code on the Refund Chq! The GST component is already included on the credit note being refunded. A Refund Chq (from a Credit Note) should always have NO tax code)

Kris_Williams · April 2021

I agree with you about the GST Shaz and I did mention that if a credit note was issued, but if a credit note was not issued and the refund was given via a cheque then GST to be entered.

Acctd4 · April 2021

You should only ever generate a customer refund from a Credit Note though as creating a stand alone cheque won’t link to (& therefore “clear out”) the original sale 😬

Kris_Williams · April 2021

Not everybody does that though, I have a client who sells millions of dollars of flowers a year and she doesn’t always create a credit note, often just refunds via cheque window and enters the customer name and posts to income account with GST. Maybe not the most correct process but it works for her.

Kim Horn · May 2021

Thanks Shaz, worked great😀

Customer Refund by Eftpos (Undeposited Funds)

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Shaz Hughes Dip(Fin) ACQ NSW, MICB

* Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

Accounted 4 Bookkeeping Services

Ballajura, WA

(NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)

Shaz Hughes Dip(Fin) ACQ NSW, MICB

* Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

Accounted 4 Bookkeeping Services

Ballajura, WA

(NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)

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