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Typically you'll only need to electronically pay suppliers or employees. But you can also electronically pay a customer as a quick and easy way to process a refund.
Because you can't use a customer's card for electronic payments, you'll need to create a supplier card for the customer to process the electronic payment.
Before you begin
Before recording electronic payments, you need to:
OK, let's step you through how to pay customer refunds electronically.
Set up for customer electronic payments
In addition to the standard setup tasks for electronic payments, there are some specific setup tasks for customer electronic payments.
Process the refund
To process the refund, you'll need to create a customer credit for the original sale.
You can then complete the following steps to settle the credit and transfer its value into the asset (holding) account created in step 3 above.
- Go to the Sales command centre and click Sales Register. The Sales Register window appears.
- Click the Returns & Credits tab.
- Click the credit note you created, then click Pay Refund. The Settle Returns & Credits window appears.
- In the Account field at the top of the window, select the asset account created above.
- Click Record. This will record the refund against the customer card.
Next, you'll need to process the payment. Now, you'll need to process the electronic payment to the supplier card created earlier.
Process a Spend Money transaction
Now that the refund amount is sitting in the asset account, you need to record a Spend Money transaction to transfer it to the electronic clearing account, ready to be paid to the customer.
- Go to the Banking command centre and click Spend Money.
- Select the Electronic Payment option at the top of the window.
- In the Card field, select the supplier card you created above.
- In the Amount field, enter the amount of the refund.
- In the Acct No. field, enter or select the asset account created above.
- Select the applicable Tax/GST code. Check with your accounting advisor if you're unsure what code to select.
- Click Record.