Undeposited funds - recording negative deposit

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  • Updated 4 months ago
I'm  having trouble recording a deposit which is a negative balance due to a credit card refund. Message I get is "You can only make negative deposit for credit card payment".  Not sure what I am doing wrong?
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Linda

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Posted 4 months ago

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Kevin Russell, Accredited Partner

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Yep. Can't be done. Why don't you use the cheque module?
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Linda

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so I have two transactions for the day using EFTPOS machine one a refund and one a payment.  Total for the day is actually negative. so if it can't be done do I still deposit the payment as normal under make deposit?
I don't know what you mean by cheque module?

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Kevin Russell, Accredited Partner

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Unfortunately in Reckon you need two transactions if you are using different tax codes. You'll have one for the in and one for the out.
Hi Linda

When you say 2 transactions are you talking from your eftpos terminal reports, or what the bank transactions look like in your bank account?
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Linda

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so there are two transactions for the eftpos terminal, one refund and one payment so the daily total which shows in the bank account is actually a debit, hence why it is a negative deposit
Hi Linda

I don't have enough info to work with accurately as I don't know if these are account customers eftpos using receive pmts into undeposited fund or your business is cash sales only via efpos over the counter or if you track gst and use sales receipts.

presuming you don't have account customers or gst and process eftpos via make deposit. This can't be done you will need to make a deposit for the credit eftpos and write a cheque for the refund debit and ref: each one back to each other on the memo.  This will have the same effect on the bank balance.