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LMcm4Rays
June 3, 2021
Question

How to record a customer double payment, deposit, refund and negative deposit

  • June 3, 2021
  • 1 reply
  • 0 views

Our customer paid an invoice twice through Merchant Services- which I am not sure how this is possible. Regardless. The first payment was applied to the open invoice and correctly recorded as a deposit with other deposits on that day and balanced. The second payment came through several days later.

I recorded the payment to the customer's account which created a credit due (negative amount) not a credit memo. I need to be able to record the payment so it can be recorded in that day's deposits. 

Since the Customer has a credit due, I wrote a check to the customer in qb and used the accounts receivable account which zero'd out the customers account.

So in Merchant Services, I reversed the charge for the overpayment and the customer was refunded. The refund shows up in the daily deposit as a negative amount and since the credit was more than the other deposits for that day the daily deposit is a negative amount.

Quickbooks for mack wont allow me to record a negative amount for the daily deposits. If I deposit only the positive amounts for the day then I won't be able to balance and reconcile.

I use QB desktop for PC on a daily basis and the Mac is throwing me off. 

Help!

1 reply

JoesemM
JoesemM
June 3, 2021

Thanks for sharing detailed information about your concern, @LMcm4Rays. Let me add some insights to properly record the double payment of your customer.

 

When a customer overpays and you receive the invoice payment, QuickBooks saves the excess amount as available credits on their account. If a customer doesn’t have existing credits on their account, here’s how to create a credit memo.

 

  1. Go to Customers, then select Create Credit Memos/Refunds.
  2. Enter the items you're giving credit for, then select Save.

 

Then, you can either write a refund check or apply the credit to an invoice. Let me show you how.

 

Write a refund check

  1. Go to Customers, then select Create Credit Memos/Refunds.
  2. Select the credit memo you'd like to create a refund for.
  3. Select Refund. This opens the Write Checks window.
  4. This creates your check and auto-populates the details. Review and select Save.

 

Apply credits to an invoice

 

  1. Go to Customers, then select Receive Payments.
  2. Select the customer on the Customer: Job ▼ dropdown.
  3. Select the Apply Existing Credits? checkbox.
  4. Hit Save.

 

I'm also adding this article for more details about creating customer refunds: Record a credit memo or refund in QuickBooks Desktop for Mac.

 

Let me also add this article that can guide you in adding and reconciling your accounts effectively in your QBDT software: 

 

 

Keep in touch if you need any more assistance with this, or there's something else I can do for you. I've got your back. Have a good day.

L
LMcm4RaysAuthor
June 3, 2021

Thank you. I think this helped with the first part of the question.

The second part was about recording deposits.

 

Merchant Services recorded the refund with the daily deposits and I can not do this in QB. So my daily deposits do not match.

MS: 

Customer A Refund <$200.\00>

Customer B Pd Inv.     $175.00

Total Daily Deposit.   <$25.00>

 

QB Record Deposits

Customer A Refund - Can not record negative amount

Customer B Pd Inv.  $175.00

Total Daily Deposit.    $175.00

 

JasroV
JasroV
June 4, 2021

Thanks for sharing additional details of your concern, @LMcm4Rays

 

You'll want to deposit the daily sales (sales receipt) into the Undeposited funds. This way, you'll be able to add it when making a bank deposit.

 

Once done, create a credit memo for the same amount as the sales ($200). Then, create a Journal entry (JE). Enter the $175 amount debiting your bank account and $175 crediting your undeposited funds.

 

I'd also recommend working with your accountant. This way, we can guarantee your accounts are accurate after recording this. If you're not affiliated with one, you can visit our ProAdvisor page and look for one from there.

 

Then, make a deposit and select the refund receipt and JE you've created . You can also see this link for guidance: Record and make bank deposits in QuickBooks Desktop. 

 

I'm also adding this link that you can read for additional reference: QuickBooks Desktop Mac 2020 User's Guide.

 

When everything looks good, check out this link for reference in matching your accounts seamlessly: Reconcile bank and credit card accounts (Mac).

 

Keep me posted if you have other concerns managing your deposits. I'll be around to assist you. Have a good one!

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