refund a customer
Don Bennett
Member Posts: 1 ✭
A customer paid an account by bank transfer but it was the wrong amount, so they asked me to refund that amount and then they would pay the correct amount. How do I refund the first payment
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Comments
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Don't even see it as a payment against an invoice. Just use a journal entry to see it as incoming money and outgoing money. That way it's not seen as taxable income.1
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I have an account called "Suspense" set up as a current asset account. When this occurs, I don't apply the payment to an invoice but simply deposit it to this " suspense" account. Then to refund I write a "cheque" to the customer from the suspense account returning it to nil balance. This way it has no tax implications.2
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Hi Don,
What I do is write the cheque to the customer and allocate your account as Accounts receivable (or whichever the name of your AR account is), with no tax code, just the amount.
Then when you go to the receive payments screen the cheque is there to be able to tick off as a customer "invoice".
Kind regards,
Sally McIntosh (sally@samsolutions.com.au)
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Actually, the cheque is written from your normal bank account because it is a real payment, but instead of charging it to an expense account you charge it to the "Suspense" bank account to bring the balance to zero.
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Ah yes, that is what I meant0
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In Reckon Accounts Enterprixe 2016 there is an even faster solution.
Open the payment from the person. As long as it hasn't been applied to an outstanding invoice you should see a box bottom left "Overpayment... When you finish, do you want to:..
Chose refund the amount to the customer and then save and close the payment.
It will open a new mask "issue a Refund" - Fill in the gaps. Hit Ok and your cheque is already made for you.2
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