You may need to record a refund paid to a customer. This could be because the customer overpaid or they when they have returned some goods. Intacct has no sponsored facility for issuing refunds to customers.
In case there is a Dispute or a Refund, you will have to reconcile your checking account manually.
Follow these steps to process:
- From the Paystand Dashboard, navigate to the Invoice and scroll to the bottom of the page>Click on Refund> Enter the Refund Amount> Click on the Refund button.
- In Sage Intacct, a refund will revert the posted payment (You will see it in a negative amount).
- The total remaining amount will be posted as a new payment, equal to the original payment minus the refunded amount, and will be applied to the same invoice.
- A Credit Memo will be created and applied to the invoice of the original payment. This will be done automatically.
- This newly posted payment will require Manual Matching for reconciliation to work since Sage Intacct limits us to reconcile both refunds and disputes.
- The Refund will be reflected in the Paystand Dashboard under the corresponding invoice.