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Mk94's avatar
Mk94
User
2 months ago

Refunds In Bank Feed

I'm quite new to MYOB and especially bank feeds. The company I work for uses bank feed to apply deposits and withdrawals to the corresponding invoices.

We had a customer over pay her invoice by bank transfer, we can transfer the overpayment back but I'm not sure how to apply the deposit and withdrawal in the bank feed? If I try apply the deposit to the original invoice it will leave the customer in credit? And then how do I apply the withdrawal (refunded amount) to an adj note I make as it only wants to apply withdrawals to purchases, not sales credits?? Any help is appreciated thanks!

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  • Shella_A's avatar
    Shella_A
    MYOB Moderator
    2 months ago

    Hi Mk94,

     

    Welcome aboard to MYOB! Bank feeds are super handy for keeping your records straight. If you spot a refund in your bank feed, you can link it to the right invoice by making a 'Spend Money' transaction for the refund. Then, pair this transaction with the invoice in your bank feeds. Now let's break down the answers to your questions.

     

    • As for transferring overpayments back, it's totally doable. When it comes to matching deposits and withdrawals in the bank feed, you can pair these with the right entries in your books.
    • Applying a deposit to the original invoice will leave your customer with a credit. They can use this credit for future invoices.
    • If you need to apply a withdrawal (refunded amount) to an adjustment note, you might have to create a spend money transaction that matches the refund. Then, you can pair this transaction with the adjustment note in your bank feeds. But remember, the exact steps might change based on your accounting setup.

     

    For a deeper dive into this process, check out this article about supplier returns, debits, and refunds. Feel free to ask if you have more questions!

     

     

    Kind regards,

    Shella