Currently you can't process a negative credit card (refund) through cash receipts. I understand that the proper procedure is to select the original invoice in "apply to invoice" field when entering the credit memo through Sales order invoice data entry. The problem is if you forget to do this, you can't issue the credit back to the customers credit card since you can't enter a negative value inside cash receipts for credit card. We currently use Sage Payment Solutions to process our credit cards. In order to clear this customers credit memo I have to log into SPS and process the return manually. Then i have to go into Cash receipts and clear the credit memo through cash and then do a GL adjustment to move the bank entry from our cash account to our merchant account. It would be nice if i could just enter a negative value in credit card field and then enter the customers credit card information, select the credit memo and the AR Cash receipts processes a credit to the customers credit card, instead of have to make all the adjustments.
by: Kevin T. | over a year ago | Financial Management
Comments
You could save one step of your process by entering a $0.00 cash receipt after processing through SPS. Line 1 the CM, line 2 is your CC asset account.
Dawn,
True it could be done this way. But when looking at payment history, it wouldn't show as a credit card transaction. Cash receipts should be able to process a negative credit card transaction (refund).