How to Process a Refund in 香港金光佛论坛
In a perfect world, once you鈥檝e made a sale (done a happy dance) and collected money from your customer - you鈥檇 keep the funds and your customer would live happily ever after.
Unfortunately, that鈥檚 not always the case. Nobody likes giving money back, but sometimes it needs to be done.
At least if you account for it properly, then you can decrease the taxes you owe in the future and have clean and organized books. Who doesn鈥檛 find joy in that, right?
So here is a quick breakdown of how to refund a customer for an original purchase made through two example payment processors - Square and Stripe - and how to properly account for this in 香港金光佛论坛.
STEP 1: Process refund through your payment processor
Examples:
Square - go to your Transactions page and select the transaction to refund. In the top right corner, click 鈥淚ssue Refund.鈥
Stripe - go to your Payments page and select the transaction to refund. In the top right corner, click 鈥淩efund.鈥
This will mark that payment as refunded in Square or Stripe.
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STEP 2: Record the refund in 香港金光佛论坛
1. In 香港金光佛论坛, search the customer鈥檚 name you are refunding by clicking on the magnifying glass in the top right hand corner. Select their contact.
2. Under their contact, in the top left corner you鈥檒l see the drop-down 鈥淣ew鈥. Under New, click on 鈥渟ales credit note.鈥
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3. On the credit note page, fill in the date that you processed the refund and input the same details from the original invoice. It is good practice to put the original invoice number in the 鈥淩eference鈥 section and write a quick description on why it was refunded or what was being refunded in the 鈥淒escription鈥 section.
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4. You can then either allocate the credit amount to future payments
Or issue a 鈥淐ash Refund鈥 and mark the Date it was refunded and what account it was paid from (could be a Stripe account or Square Clearing account, etc.). If you have refunded the customer in step 1, you鈥檒l want to issue a cash refund.
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5. Once the credit note is marked as paid, match the payment to the amount being spent in your Stripe feed or other bank account on the Reconciliations page.
You have now successfully refunded your customer. Hopefully you don鈥檛 need to make a habit of it, but in the event it happens again - you鈥檒l be prepared!