We use Progressive Invoicing. All customers are entered as estimates first and we then invoice for 10% of the estimate amount. All 10% deposits are processed by credit card payment through Chase Paymentech. Our cc batch hits our account the next day.
My questions is regarding refunds. If we have a batch with a refund due to a customer I then create a journal entry so this batch will have all charges from the batch available to match including the refund which would normally not show when trying to match transactions if you process a refund receipt for example. So I am able to match the transaction but the journal entries remain open and overdue. How do I get rid of the journal entries so they do not show they are overdue?
I can show you how to properly enter the refund, Owneal.
When giving customer refunds, you'll have to follow the refund process instead of entering a Journal Entry. This is because when you use a JE, you won't be able to apply the credit to the customer's transactions. When creating refunds, it's always created per customer and not by batch.
For the detailed steps to refund a customer, you can check out this article: Customer refunds in QuickBooks Online. Follow the steps in the Enter and apply a refund section.
You can always come back if you have more questions.
If I enter the refund in this manner when I go to banking - for review - and try to match the deposit with invoices the refund will not show. Our credit card batches fund the next day after processing. We have some batches which will contain a number of credits with 1 refund. How do I match the deposit into our bank account to the 10 or so invoices which that batch deposit is for if the batch deposit contains a refund? I guess that's my question. I know how to process refunds but since they're part of a batch deposit the refunds wont show when trying to match the deposit to the invoices as the refund will not show on the match screen.
Hello there, @owneal.
I'm here to help get this taken care of, but I just need some more information about concern for today.
May I know the total amount showing on your Online Banking? Is it the total batch deposit minus the refund or is the batch deposit showing in multiple transactions? This will help me make sure that I can provide the best resolution for your concern. To add the details of your issue, you can add a comment below.
I'm looking forward for your response, @owneal. Take care and enjoy the rest of the week!
"How do I get rid of the journal entries so they do not show they are overdue?"
Click the Sales tab from the left navigation bar and select Customers.
Select Customer in question and see what do you see under Action column at the far right?
If you see Receive Payment click it, you may see both in and out entries sitting including JE. Select both to zero out the account.
Hope this is the issue!
I have this same issue. I receive a batch deposit with one or more deposits in in from QB Merchant processing and also have a refund. So my net deposit is less the refund. When I try to reconcile the deposit, it doesnt bring in the refund. I need to be able to account for the refund so it matches the customer account and doesnt duplicate the entry in my bank ledger.
I have the same issue. When I receive my batch, it is minus the refund. We have some batches which will contain a number of credits with 1 refund. How do I match the deposit into our bank account to the 10 or so invoices which that batch deposit is for if the batch deposit contains a refund? I know how to process refunds, but since they're part of a batch deposit the refunds wont show when trying to match the deposit to the invoices as the refund will not show on the match screen. If I enter the refund on the deposit screen to "resolve the difference" then it adds another entry on my Bank Ledger rather than picking up the refund that has already been entered.
Hello there, Nexgenlawns.
Thanks for joining this thread and sharing us your concern. Let's get this sorted out.
If the sales from QuickBooks Merchant are deposited to Undeposited Funds, you'll want to create a Refund Receipt using the same Undeposited Funds account.
Once you make Bank Deposit, you can include the Refund Receipt. From there you will have the total amount equal to the amount being deposited.
I've got you an article, should you need reference: QuickBooks Payments Deposits.
And just in case you need help from a live support, feel free to get in touch with our Care Support Team. Here's how to get their contact information:
To reach them:
That should do it. Keep in touch if you have any other questions about this. I'm always happy to help.