We're excited to announce an enhanced refund process for Paystand transactions integrated with Sage. This update streamlines the accounting for refunds, eliminating the need for manual steps in your daily bank reconciliation.
The new refund flow mirrors the existing approach for handling disputes. From now on, Paystand will no longer reopen the invoice for refunds. Instead, a ledger entry will be created to account for the refund, impacting both the refund GL and Paystand checking accounts.
Does This Affect How Refunds Are Initiated?
No, the initiation of refunds remains the same. You can still initiate refunds from within a receivable in the Paystand Dashboard.
How Can You Access This Feature?
This enhanced refund process will be implemented as the default setting for our customers. This default setting aims to improve system automation and reduce potential issues.
If you have specific preferences for where the ledger entries should be posted, please submit a request to the Support team with the refund GL account where you'd like the entries to be posted.
If you don't provide a GL account, we will default to feeAccountNo.
Opting Out or Activating the Feature
If you wish to opt out or activate this new refund process, please create a request for our support team. We’re here to help ensure your refund process matches your business model.