Skip to main content
Zeus
Zeus
November 26, 2020
Solved

I have a bill. We paid it by credit card but the operator entered an incorrect amount. She then refunded the overpayment to the credit card. How do i reconcile all ?

  • November 26, 2020
  • 1 reply
  • 0 views
So say the bill is £400 - we have a credit card payment of £450 and a refund of £50. I can reconcile the payment to the bill, but it leaves the refund unaccounted for. If I make a supplier credit i end up with double the credit on the supplier account.
Best answer by GeorgiaC

Thanks for getting back to me Zeus, that's my bad!

 

 

In this case, instead create a card credit (+ New > Credit card credit), on this, enter the supplier name in the payee box, select the credit card in the bank/credit account, enter the date you received the credit, in the category column enter the account or product you initially used on your bill, enter the amount and VAT, if relevant, and select save and close. You'll then beable to match this to the refund in the banking screen.

 

Thanks!

 

 

1 reply

G
GeorgiaC
November 26, 2020

Hi9 Zeus,

 

In the scenario above, you can raise the bill for £400 and mark this as paid for £450, leaving an unapplied payment of £50 on the supplier's account. After this, you can follow the steps below to show that this was refunded:

 

1) Click + New > Bank Deposit
2) Choose the correct bank account on the top left corner, choose the date when the money was received back into your account
3) Scroll down to 'Add funds to this deposit' - enter the supplier, for the account choose Creditors, enter the amount, choose no VAT
4) Go to the Supplier's page create a cheque (New transaction > cheque)
5) Tick the deposit against the unapplied payment to link the two, then save and close

6) Match the deposit against the transaction on your banking screen

 

Please remember to delete the supplier credit if you still have this on the suppliers account, as this is no longer needed. 

 

Thanks!

 

Zeus
ZeusAuthor
November 27, 2020

Thank you for your prompt reply. However this is on a credit card, and the system doesn't have an option to create a deposit for a credit card account.   

G
GeorgiaCAnswer
November 27, 2020

Thanks for getting back to me Zeus, that's my bad!

 

 

In this case, instead create a card credit (+ New > Credit card credit), on this, enter the supplier name in the payee box, select the credit card in the bank/credit account, enter the date you received the credit, in the category column enter the account or product you initially used on your bill, enter the amount and VAT, if relevant, and select save and close. You'll then beable to match this to the refund in the banking screen.

 

Thanks!

 

 

Terms & ConditionsAccessibility statement