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Understanding the Refund Process

Updated

When you create a refund:

 

  • A refund will reverse the original accounting entries in the past and offset them if they are in the future.
  • When creating refunds you will have the option to:
    • Write off the opened up balance on the invoice. This is the default option, and will refund the specified items on the invoice.
    • Leave Invoice Open: this will occur when the refund is processed.

 

 

 OVERPAYMENTS:
  • If the payment was an overpayment and not applied to anything it will just reverse the accounting and NOT open the credit balance on the contact and NOT open the overpayment balance on the payment
  • If the payment was an overpayment and was applied to an invoice, it would open the invoice balance and NOT open the credit balance on the contact and NOT open the overpayment balance on the payment