For your beck and call, QuickBooks is another name you can think of which is bound to take care of all your finance related issues and maintaining records. Be it a business transaction or keeping tabs on credit card transactions, QuickBooks can see it all through. There will be times when you may have to see refunds in your transaction history as well. of-course, keeping all the inflow and outflow as a record will keep your records more and more accurate. Learn how to Record Customer Credit Card Refund in QuickBooks.
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With the help of QuickBooks payments feature, you can always take and process the customer credit card payments in QuickBooks platform. At times, you may need to void or refund some of the credit card payments done by your customers. In order to process this, you need to follow a certain process so everything remains accurate and secure. Accuracy is one thing we need to ensure and with QuickBooks we can rest assured of the same.
The Time When You can Void or Refund a Transaction
Payment transactions usually get batched at 3:00 PM PT every business day. If you initiate the process before this time, you can have a good chance to refund the transaction. If you are able to refund the transaction before the payment processing, you will be able to avoid a fee as well. As rightly said, taking precautions before the time can always do the trick and save you in the nick of time and no harm being done. This will never process the transaction and it would be truly fine.
If the payment transaction is already a part of a batch, then you will need to provide your customer a refund. In this regard, you can either choose to refund the whole amount or choose to refund specific products, services or fees. Also, please be informed that there are fees for refunding payment transactions. Please refer to the following process of voiding a sales receipt paid by credit card:
- First of all, Login to the QuickBooks account.
- Go to the menu of Sales and click on the All Sales tab.
- Then, Go to the sales receipt you wish to void the payment for.
- You need to select the drop-down menu in the Action column.
- Click on the Void button.
- Hit the Yes action to confirm on the message pop-up.
With the help of the above mentioned step, the transaction is successfully voided. The status of the transaction will appear as Voided. If you wish, you can also print a receipt for a voided sales receipt by selecting Print.
Process of Voiding an Invoice Paid by Credit Card
You can also void an invoice paid by credit card with these following steps:
Once you are in the QuickBooks Account.
- You need to go to Sales and choose the Invoices tab.
- Select and open the invoice you wish to void the payment for.
- Now, You need to select the Void option from the drop-down menu in the Action column.
- Click on the Yes button.
The transaction is successfully voided, you can also update the Status as Voided. You can also print the selected voided invoice if you wish.
How to Refund a Customer Payment?
There are always a few ways to give refunds in QuickBooks Online. All you need to do is to follow the steps based on how you processed the transaction. However, for issuing credit cards refunds, you should fulfill few requirements:
Refund to Original Payment Method
In order to clarify the foremost thing, please be informed that any Credit card refunds can and will only go back to the original card used for the purchase. You may need to clarify and convey this piece of info to your customer. This way the customer stays aware of what to expect.
Amount Spent can only be Refunded
The original amount upto the sale can be refunded, but not more. You cannot add any courtesy credit or any added benefit to it.
Refund Should be Gone in the Timeline
Credit card refunds can be issued only within 180 days of the sale. If this window is done, then refund cannot be processed further. So, you need to act in time and act well before the time is gone.
Process of Refunding a Credit Card Payment for a Sales Receipt
- Go to the QuickBooks Account.
- Then go to the Select + New tab.
- Choose to Refund the specific receipt.
- You need to go to the Customer drop-down.
- And, select the customer you wish to refund.
- Enter the required details in the fields using the same information from the original sale.
- In the Payment method, you need to select a Credit card to credit back the amount.
- To credit back their bank account, in the Payment method, select Bank.
- In Refund form, you also need to select which payment method and account you wish to refund the customer from.
- Select Save and close.
As mentioned above, you can also refund a credit card payment for a paid invoice. Here’s how, you can do so:
- Go to QuickBooks account.
- Then click on the + New button.
- Select the Refund receipt action.
- You need to choose the customer you want to refund from the Customer list dropdown.
- Then, you need to enter the details in the fields using the info from the original sale.
- Choose which payment method or the account you wish to refund the customer from.
- Select the Save and close button.
If you intend to, then you can now send or print the refund receipt.
- Select to give a partial refund.
- Go to the + New tab.
- You need to select Refund receipt.
- From the drop-down customer list, you can choose the customer you want to refund.
- Enter the required details in the fields using the info from the original sale.
- Select Save and close.
I hope the above mention information will help you to understand how to Record Customer Credit Card Refund in QuickBooks. If you are not able to record customer credit card refund in QuickBooks. Then click on get a free consultation.
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