Eftpos refund - matching transactions

[Malda]

I have read numerous questions as well as asked via Facebook messenger but have not yet found a way around the issue 

we receive payments and give refunds via eftpos but the settlement figure in our bank account is the net credit only 

so I cannot match transactions as there is no debit option showing for the refund - even tho a customer return and a refund have been processed 

has anyone found a solution that works for them - I am not interested in using a holding account as do not have the time to govv be through the steps involved 

why do the credit notes etc not show up as a match option? 

so frustrating 

[Tracey_H]

Hi @Malda 

Thanks for your post. As the refund is a withdrawal it will not be available for selection in a deposit transaction. As such, you will need to use a clearing account to record bulk eftpos deposits. To do this select the clearing account as the Into account in Take payments and the From account when processing the refund.

The only extra step required will be to record a Transfer funds transaction. To do this go to Banking>>Transfer funds and transfer the deposit amount from the clearing account to the bank account.

Please let me know if you need further help.

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

[Malda]

Thank you 

will this enable me to still match the correct transactions against it for allocation? 

[Tracey_H]

Hi @Malda 

In Bank transactions you will be able to match your bank feed transaction to the one Transfer fund transaction. As the Transfer funds transaction is for the actual amount deposited into your account these two transactions will reconcile.

Please let me know if you need further help.

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

[Fay_S]

Hi, I have a similar problem. Except the refunds were MORE than the takings in a bank feed (EFTPOS) - meaning a withdrawal occured instead of a deposit - so I am at a loss as to how match the bank feed for this.

I tried to make sense of your instructions in this thread - however my brain needs specific step-by-step instructions.  Is there a link that you can direct me to that explains the steps involved?

Because our booking system doesn't integrate with MYOB, I manually allocate EFTPOS (and STRIPE) feeds to the correct accounts (or 'buckets' as I like to call them).

I am with Essentials by the way.

Fay

[Malda]

So my accountant is going to try the clearing account option to see if it works 

but in the meantime in my bank reconciliations the refunds show as an myob transaction but of course don't match with a physical bank transaction 

you really need to make some sort of process which solves this as it is just a mess in our accounts until a work around is found 

[Tracey_H]

Hi @Fay_S 

If you are refunding a customer you will need to follow these steps:

1. In the Take Payments window change the Into Account to the clearing account when recording customer payments
2. When refunding a customer create a customer return as per this help article: Creating customer returns 
3. Pay the refund by processing the customer return but change the From Account to the clearing account: Processing customer returns
4. Go to Reports>>General Ledger details>>filter by the clearing account and the eftpos date. If all payments and refunds have been entered in Essentials the clearing account balance should be the same as the amount deposited/withdrawn in the bank account. Make note of that amount.
5. Go to Banking>>Transfer funds>>for an eftpos deposit make the Transfer from account the clearing Account and the Transfer to account the bank account. For an eftpos withdrawal make the Transfer from account the bank account and the Transfer to account the clearing account. Enter the clearing account balance/eftpos amount and Save
6. The clearing account should have a zero balance and you can match the deposit/withdrawal in bank feeds with that Transfer Funds transaction.

If you are not applying payments to customer accounts:

1. Record income received through Receive Money, but change the Deposit into account to the clearing account
2. Record refunds through Spend Money, but change the Pay from account to the clearing account, allocate to the applicable income account
3. follow Steps 4, 5 and 6 above

Please let me know if you need further help.

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

[Tracey_H]

Hi @Malda 

The use of a clearing account is a common accounting practice and is the same process as is used in AccountRight for bulk eftpos deposits. In order to reconcile those eftpos transactions and refunds you will need to delete and re-enter the applicable transactions, changing the Pay into and from account to the clearing account. You will then be able to record the Transfer funds transaction and match it to the bank feeds.

Please let me know if you need further help.

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

[Malda]

Hi there 

unfortunately no easy solution was found but this is wat we came up with 

1. Eftpos refund for same amount as invoice on same day - process customer return and refund to customer. This effectively zeros the invoice so when matching transactions it balances 

2. eftpos refund for different amount on same day as originally paid - alter original invoice to show return - new balance will then be able to be correctly matched in transactions

3. eftpos refund for same amount or different amount on different day - we allocated the bank transaction to just "sales" and then manually reconciled in bank reconciliation 

this allowed the bank transaction to be cleared and allowed the customer payments to be reconciled 

this seems to work best for us as our invoices are only allocated to sales or freight and the few refunds we get that we allocate straight to sales it doesn't matter if we have a false freight balance 

[Fay_S]

You are a legend Tracey! Thank you x 1000!

Fay