You can void the payment or process a credit card refund for the customer depending upon when the credit card transaction originally took place. To know more call QuickBooks Help.
Void the credit card payment
You can void the payment if the refund occurs on the same business day, when the original transaction occurred (3 pm PT is the settlement cut off time and if anything is done after that is considered as to be done on the next business day).
To void a transaction, go to payment and then select More. Now, click on Refund.
How to process a credit card refund?
After the original transaction takes place you can create a refund receipt against the transaction on the next business day.
To Process a Credit Card Refund, You need to:
• Click on the plus icon (+) icon present at the top and then select Refund Receipt.
• Choose the customer you want to refund.
• Enter information about the original sale in the table.
• Enter the amount that is to be refunded.
• Select the credit card used for the original payment from the payment method drop-down.
• Click on Save and close.
• If you want to print a receipt, select Print and then Close in the Credit Card Transaction Status window.
Other credit card refund tasks
REVERSE A PAYMENT
One should not delete a transaction that took place with a credit card and which had already been processed through your merchant’s account. In order to reverse a processed payment, select the payment that has been processed and then select void payment or void refund, whatever suits. If the payment has already settled, the only way by which you can reverse the amount is by creating an offsetting refund receipt (if this is a payment), or an offsetting sales receipt (if this is a refund).
CREATE A JOURNAL ENTRY
There may be times, where you find there is no balance in Accounts Receivable (AR) for this customer even after completing the refund. Also, there are some special situations where the customer opts to use one credit card for making a down payment. In some cases, the entire purchase is paid by Sales Receipt after which the customer requests to use a different credit card or any other form of payment for the down payment or purchase at a later date. In such a case, you need to issue a refund receipt and then create a journal entry.. The journal entry places a balance back to AR to account for the refunded down payment. The refund receipt will place the funds back to the customer’s card.
• Click on the plus icon (+) icon at the top, and then select Journal Entry.
• Now, on the first line choose Account Receivable then enter the amount refunded in the Debits column and the name of the customer in the Name column.
• On the second line, choose the Income amount which is used for the item on the Refund Receipt and then you can enter the transaction amount in the Credit column.
• Click on Save.
To know more call QuickBooks help on 1-800-593-0163.