Question
Credit card refunds that exceed the receipts of the business day
There was one day of transaction when the receipts on VISA was less than the only refund to a customer that had made a large purchase previously. This caused a net outflow from the POS when this net transaction hit the bank. How do I make the appropriate entries to make these transactions match with what hit the bank? I am also stuck with making a refund receipt entry which automatically prompts me to make payment via cheque, but the refund had already been made through the POS system. None of the online discussion I came across matches this scenario and it's awfully frustrating!