Sales

Finding, deleting and reversing payments from customers

After you have recorded a customer payment, you may want to view the transaction again. MYOB AccountEdge makes it easy to find a customer payment that you've entered into the system.

You can also quickly delete or reverse the effects of a customer payment from your records. If your transactions are changeable, you can delete the payment altogether from your ledger. Unchangeable transactions, however, can only be reversed. (Choosing changeable or unchangeable transactions)

When you reverse a payment from a customer, the effects of the original payment will no longer be part of your ledger; however, the original transaction and a record of the reversed payment -- called a reversing transaction -- will remain. If you want to, you can then enter a new, correct transaction to replace the transaction you reversed.

Keep in mind, if you activated the Use Audit Trail Tracking preference, all deleted transactions are recorded. (Changes and entries recorded by Audit Trail Tracking)

If you notice a problem with a customer payment you've already recorded, be aware that most of the information of the payment can't be changed. You can, however, change the details of the payment method. The payment details appear in the Applied Payment Details (sales) window; click the Details button on a payment to open the window. (To change applied payment details) If you need to change information other than the payment details, you'll need to delete or reverse the payment first, then re-create and re-apply the payment.

If a discount for early payment was included with the payment, you'll complete an additional step when deleting or reversing payments. You'll also have to delete or reverse the discount transaction.

Reversing payments deposited with undeposited funds

If you want to reverse a customer payment that was recorded on a bank deposit for undeposited funds, you must complete some additional steps. When a payment is recorded in this manner, it is first recorded in the undeposited funds account. Then the amount is transferred to the bank account when the bank deposit is recorded. While reversing the payment removes the payment from the undeposited funds account, additional steps are needed to remove the payment from the bank account.

Handling bounced checks

If a customer's payment "bounces,' you can reverse the returned check and, if you wish, charge a penalty for the transaction. If you don't expect a replacement check, you can use a customer credit to remove the customer's bad debt.

Creating payment receipts

Payment receipts correspond directly to cash receipts transactions. That is, when you record a cash receipts transaction, the information you entered on the transaction can be printed on a payment receipt. Because of this relationship, if you change, reverse or delete a cash receipts transaction, you should be aware of the impact of this change on any payment receipts that have already been printed.

You can print a Credit Card Receipt, an MYOB AccountEdgePlain Paper Payment Receipt or you can create and print a customized receipt. If you're a subscriber to the MYOB Merchant Account Service, you can print a Credit Card Receipt after a credit card payment has been approved. You'll simply click the Print button the Processed Payment Receipt window.

To find payment receipts, you'll use the Review Receipts Before Printing window. This window shows a list of your payment receipts. If you want to shorten or lengthen the list of payment receipts, click the Advanced Filters button. Use the selections in the window to change the list of payment receipts that are displayed in the Review Receipts window.

You can also use the Bank Register window to view a complete transaction history for a selected date range a selected account and open the source window of each transaction for more detailed information.

Note:  If a payment was recorded on a bank deposit of grouped undeposited funds, the deposit must be deleted first

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