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D
dr.koricoaching@
October 28, 2023
Question

How do I reconcile a transaction that I reversed (customer paid invoice with wrong card) but it still showing up in my undeposited funds account?

  • October 28, 2023
  • 1 reply
  • 0 views
My customer paid an invoice I sent her, and within 10 minutes contacted me saying it was put on the wrong credit card. She asked me to refund. I contacted QB support and they helped me reverse a transaction through the merchant services area. I duplicated the invoice and sent it to my customer again, so she could pay with the appropriate card, and she paid it. I have a few questions related to this situation: 
1. The first payment still shows up in my undeposited funds account. How do I account for this? 
2. Is there a fee associated with reversing a credit card transaction? 
3. I was charged a credit card processing fee for BOTH transactions. Do you suggest that should this happen again, I sent the customer an invoice with an addition fee attached for the reverse/refund transaction fee?

1 reply

J
JamesAndrewM
October 28, 2023

Thank you for reaching out to the Community. I'd gladly share some information and guidelines to help you reconcile a reversed transaction still showing up in your undeposited funds.

 

First, I recommend contacting your accountant to help you to help you account for this transaction. They are the best person to guide you in this and can provide you with the best options. 

 

Next, you may be charged a fee for voids, returns, and refunds, depending on your pricing plan and transaction type. Credits to a customer's card after the batch closes will incur the same processing fees as the original transaction. However, void or canceled transactions before the batch closes will not incur the same processing fees.

 

Adding fees to invoices is possible, but QuickBooks Online doesn't have an automatic option to do so. Instead, you will need to include service fees manually when creating invoices. First, you have to create a service fee item. Here is how:

 

  1. Go to Settings ⚙ and select Products and Services.
  2. Press New, then choose Service.
  3. In the Name field, enter a name for the service.
  4. (Optional) From the Category ▼ dropdown, select the category that best describes the fee. Find out more about item categories.
  5. (Optional) Fill out the rest of the fields.
  6. Click Save and close.

 

For detailed information on the entire process, refer to this article: Manually add service fees to invoices in QuickBooks Online.

 

It's always a good idea to consult with your accountant for specific advice tailored to your business needs and circumstances to keep your books in shape.

 

You can visit these articles you can use in the future: 

 

 

For additional QuickBooks-related concerns, don't hesitate to post them here in the Community. We're always available and willing to lend a hand to your queries. Have a great day ahead.

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