Negative Credit Card Deposit - QB Desktop

Champ003 · ‎March 04, 2022

My credit card deposit today was a negative ($2,226) due to a partial credit card refund to a customer. This cc settlement report included other sales along with the partial refund ($2,472) for an invoiced customer. I'm unsure how to post this negative deposit and also show the refund on the customer's invoice/account. I tried doing the J/E: Credit $246 (sales), Debit $2,472 (refunded) and Undeposited Funds Credit $2,226. But once I tried to record the bank deposit it's a negative number. Do I make a credit memo for the customer first? Thanks for your help!

LeizylM · ‎March 04, 2022

Hi there, Champ003.

At this time, the only way to record a refund is by the Credit Memo/Refund option in the Customers menu. Then, make a journal entry to move the funds from Undeposited Funds to the bank account, then group the journal entry with the payments to make a $0 deposit and remove the payment from Undeposited Funds.

You can check out this article for more information: Credit Memos and Refunds

I've included some links that contain three options on how to handle the credit, as well as some steps to create item discounts in QuickBooks:

Feel free to hit that Reply button if you have additional questions. Have a great day ahead.

View solution in original post

LeizylM · ‎March 04, 2022

Hi there, Champ003.

At this time, the only way to record a refund is by the Credit Memo/Refund option in the Customers menu. Then, make a journal entry to move the funds from Undeposited Funds to the bank account, then group the journal entry with the payments to make a $0 deposit and remove the payment from Undeposited Funds.

You can check out this article for more information: Credit Memos and Refunds

I've included some links that contain three options on how to handle the credit, as well as some steps to create item discounts in QuickBooks:

Feel free to hit that Reply button if you have additional questions. Have a great day ahead.

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Negative Credit Card Deposit - QB Desktop

Negative Credit Card Deposit - QB Desktop

Negative Credit Card Deposit - QB Desktop

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