Hi, any insights on what to do when you get a payment, post and deposit then it is returned unpaid and they wont send it back through. Customer then sends a new payment for the invoice.
Is the amount being refunded more than the balance in the account? I can’t imagine they would refund your fraud charge less fees. If it’s refunded for the amount + fees then the deposit would 2 lines-like 1 would be the positive amount of the refunded fraud charge and line 2 would be bank fees(or whatever your bank fee account is) as a positive number to march the total deposit. If they refunded you a smaller amount because they took fees out then it would be line 1 for the total amount of the fraud original fraud charge to zero it out and like 2 would be bank fees again but that number would be negative thus reducing the total deposit to match what came through. Hope that helps
This is the best explanation given . THANK YOU
So clear. Good tips on tracking multiple fraud issues and tracking incidents that extend across fiscal years.
This was a great instructional video- Easy to understand. Very clear!! Thank you so very much!!
Hi, any insights on what to do when you get a payment, post and deposit then it is returned unpaid and they wont send it back through. Customer then sends a new payment for the invoice.
Very valuable procedure to track categories correctly!!
In my chart of accounts I have two options in NEW, Tangible assets or non current assets, which do I use for the fraud charges. Thanks
This was so helpful and clear. Thank you!
Very useful
Just spotted there is current assets which is probably the correct one
thank you
Thank you!!!!
How would I do this if the refund is not for the full amount? It doesn't net zero due to bank fees.
Is the amount being refunded more than the balance in the account? I can’t imagine they would refund your fraud charge less fees. If it’s refunded for the amount + fees then the deposit would 2 lines-like 1 would be the positive amount of the refunded fraud charge and line 2 would be bank fees(or whatever your bank fee account is) as a positive number to march the total deposit.
If they refunded you a smaller amount because they took fees out then it would be line 1 for the total amount of the fraud original fraud charge to zero it out and like 2 would be bank fees again but that number would be negative thus reducing the total deposit to match what came through. Hope that helps