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EFT refund

DMadmin

Hi there.

I do an online order with the Supermarket and pay by credit card which they debit before delivery (so i put in MYOB as banking - spend money).

When I have gone to do a bank recon i noticed that the supermarket has deposited $ back into our credit card (the amount for a product they couldn't supply) - I was going to put the credit through as 'banking - receive money' under income (now i'm thinking it's technically not an 'income' is it?) as there is no outstanding invoice to apply it against.

I would appreciate anyone's thoughts on how I should enter it. I have looked through the help section and can't find what I think applies to my question.

Cheers Deb

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Accepted answers

Mann01

I just had a go and entered a negative amount in spend money - it worked. If you allocate them both to the same account (eg. Groceries or Office supplies or whatever you use for your Woolworths purchases) then they will both come out in a report as a total of $6.50 spent. But will match your bank statement for two transactions (+$10.00 and -$3.50)

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DMadmin

I'm not sure that would work (or am I looking at your suggestion the wrong way?)

For example: i do an on-line order to Woolworths for $10.00, so they debit that from my credit card straight away.

When that debit appears in my bank account (or bank feeds) it is for $10; so I put it through in banking - spend money.

Then the next day i look in my bank account (bank feeds) and there is a $3.50 credit (Return from Woolworths) - and I receive an email notifying me that they couldn't supply a $3.50 item that they have orginally charged me for and I have paid for with the credit card.

So.... if i put thru as 'receive money'(income) - it's not technically income is it, because it was already the company's money and I don't have any outstanding invoice as I have paid the on-line order invoice in full already.

I can't put it thru as a (-)negative can I, because it's a credit in the account??

Mann01

Can you enter it as a negative 'Spend Money' with exactly the same setup as your original spend money? That way it should appear in the same account?