Level 1

Can't record deposit from customer due to issuing refund for another customer creating a negative charge

Let's see if I can explain this right. Charged "Bob" $1165.94 for his monthly invoice through our credit card processor. The same day I refunded "Sally" $2088.07 back to her credit card for another invoice that was not supposed to be auto charged that month. This created a withdrawal from our bank account of $922.13. I have created the credit memo and refund check for Sally and that shows in my bank ledger, so her account balance is right, but I can't record the deposit from Bob because there is no actual deposit for the day since we refunded more than we charged. 

 

I have spent days reading through threads but I just can't find the answer to this particular question. 

Solved
QuickBooks Team

Banking

Good morning, @MacH.

 

I'm here to help you get this issue resolved. 

 

You'll need to delete the unmatched transaction and manually recreate the bank deposit. 

 

Here's how: 

 

Delete unmatched transactions in Express mode

  1. Choose the appropriate transaction.
  2. Then from the Action drop-down, select Ignore. This removes the single transaction from the Transaction list window.
  3. To remove multiple transactions at once, select the checkbox for the transactions you want to remove. Then from the Batch Actions drop-down, click Ignore.

Delete unmatched transactions in Classic (Register) mode 

There's no option to delete a single unmatched transaction if you're in the Classic Mode.

 

To remove multiple transactions from a statement: 

  1. From the Bank Feeds, go to the Items Received From Financial Institution section.
  2. Highlight the statement you want to delete.
  3. Choose the Delete button.
  4. On the Delete Statement window that appears, select Yes.

Record deposit

1. On the Homepage, select Record Deposits / Make Deposits

2. In the Payments to Deposit window, select the payments you want to combine. Then select OK

3. In the Make Deposits window, from the Deposit to drop-down menu, select the account you want to put the money into. 

4. Make sure the deposit total and selected payments match your deposit slip. Use your deposit slip as a reference.

5. Enter the date for the deposit.

6. Add a memo as needed.

7. When you're ready, select Save & Close

 

Each bank deposit creates a separate record. Make deposits one at a time for each of your deposit slips.

 

Important: All transactions currently in your Undeposited Funds account appear in the Bank Deposit window. If you don’t see one you need to add, put it in the Undeposited Funds account

 

That's all there is to it! 

 

If you have any other questions, please feel free to reach out. 

 

 

 

 

 

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Level 1

Banking

Well that was definitely easier than I was making it out to be. Thank you so much for your help!

QuickBooks Team

Banking

Thanks for taking the time to post an update, @MacH.

 

It's great to know that you found the solution helpful and were able to record the deposits!

 

The Community is always here should you need help in the future. Cheering you a great rest of the week.  

Level 1

Banking

I have the same issue but through QBO. I have a refund for 5000 and two deposits for 260 and 225. Same batch - 3 different customers. I refunded the customer through merchentcenter.ituit. I can't seem to match all three transactions. Im not sure what to do as I did try creating a refund receipt for the 5000. When I do go to the bank deposit screen and select those three transactions, I am getting and error message "You must specify a transaction amount that is 0 or greater."

 

 I'm not sure how to match this and close out these transactions. I have been trying to figure out since Auguest and had called QBO and its still not resolved. HELP! 

QuickBooks Team

Banking

Thanks for reaching out to us, prestigeairhc.

 

We're unable to create a bank deposit in QuickBooks Online if the amount is less than zero. That's why you received an error message.

 

You can record the refund using a refund receipt since you processed it through the Merchant account. Then, you can manually deposit the $260 and $225. Once done, you can clear these transactions in your register and exclude the downloaded transaction instead of matching them.

 

Please check these links for the detailed steps in recording refund and deposit in QuickBooks Online:

Here's how to exclude:

  1. Go to the Banking/Transaction menu and select the Banking tab.
  2. Find the download transaction and check the box before the date.
  3. Tap Exclude.

These are the steps to manually clear the transactions you created:

  1. From the Accounting menu, select Chart of Accounts.
  2. Find the source bank account and click View register.
  3. Locate the deposit and refund transactions and select it to expand the view. Then, click the box under the check column until you see the letter C.
  4. Save it.

In addition, it's best to process the refund in QuickBooks Online moving forward if your QuickBooks Payments account is linked. That way, it'll be recorded automatically so that your accounting stays accurate. Here's the link if you have more questions about processing payments: QuickBooks Payments FAQ.

 

Leave a comment again if you need anything else. Take care!