Voiding receipts with credit card payments

[Customer Service]

Voiding receipts with credit card payments

A deposit that contains a cash receipts journal entry that included credit card deposits is posted in the Deposits Journal as two separate entries:

One for cash receipts and one for the transfer of the credit card deposit from the credit card account (assigned in Bank Accounts/Configure/CC Accounts) into the bank account.

When the receipt is voided using the Bank Accounts/Void/Receipts command, only the first part of the transaction (a) is voided. To properly void the second part of the receipt so that it is recorded in the Deposits Journal, enter a negative receipt. Follow these steps:

1. Run the Bank Accounts/Deposits command.
2. Start a new deposit for the correct bank account.
3. Enter a new “Other” receipt for the negative of the amount of the original credit card deposit.
4. Enter the credit card account for that credit card (assigned in Bank Accounts/Configure/CC Accounts as the G/L distribution account), and post.

The bank account for the deposit will be credited and the credit card clearing account will be debited, thus reversing the second part of the original deposit.

You could use a general journal entry to credit/debit the G/L accounts properly, but the entry would not show in the Deposits Journal.

Example: Suppose you originally enter a cash receipts journal deposit for a total of $500 cash and $200 Visa receipts (total of $700 income). The transaction shows on the Deposits Journal as RJ-nnnnnn for a total of $500, and deposit xxxxxxxx:Visa for a total of $200. You use the Bank Accounts/Void/Receipts command to void the RJ-nnnnnn transaction, but it won't let you pick the xxxxxxxx:Visa transaction to void. To void that part of the transaction, use Bank Accounts/Deposits, following Steps 1 - 4 above. Enter a new “other” receipt for a total of -$200, selecting the Visa credit card account as the affected G/L account. Enter “void xxxxxxxx:Visa” in the statement description field of the deposit screen, and post. The Deposits Journal will now show 4 entries for this voided transaction: the original RJ-nnnnnn and xxxxxxxx:Visa deposit, a RJ-nnnnnnV entry and a new RJ-yyyyyyy entry for the final negative receipt.