Help CenterVoiding/Refunding Payments: You can now void or refund payments right from inside RECUR360 for RECUR360PAY payments! If you visit any payment on invoices or in reports, you will see a new Void/Refund button next to the payment. 
Clicking on that will bring up details about the payment in QuickBooks and/or details about how the payment was processed with RECUR360PAY.
Depending on the status of a RECUR360PAY processed payment, you will see an option to either process a void or refund for the payment. Similarly you will see options to void or refund the corresponding QuickBooks payment.
Voidable payments can be voided with the payment processor and/or make the payment in QuickBooks change to a $0 payment. This would make any invoices the payment was originally on open to receive payment.
Refundable payments can be refunded with the payment processor. For the payment in QuickBooks, a process similar to how Card Chargebacks/ACH returns operate would be followed. Just like those, refunding a payment involves returning money that was already recorded/collected. To account for this, RECUR360 will automatically create what we call a ‘Refund Invoice’ for the amount of the payment on a line with an item mapped to a Clearing Account.
The original QuickBooks payment will then switch to being applied to this ‘Refund Invoice’. Any Invoices the original payment was on will then become open again.
After that process carries out, you can optionally visit those now open Invoices and create Credit Memos against them right from inside of RECUR360, as described in the Credit Memo section below.
In order to carry out this ‘Refund Invoice’ process, you must visit Settings->Payment Processors and setup various settings under RECUR360PAY. In order for everything to be properly accounted for, you must enable Creating NSF Invoices when payments are found to be Charged Back/Returned and you must also set up Automated Deposits at the bottom. You are required to setup ACH/Card Items mapped to a Clearing account to be used for this process. If you have already setup RECUR360 to automatically create NSF invoices for the payments sync, those same items will be used for ‘Refund Invoices’ (Feel free to rename your items inside of QuickBooks to reflect, for example ‘Returned/Refunded Check` or ‘Card Chargeback/Refund’.)
Whenever you perform either a Void or a Refund, you can also optionally choose to send Customer or Invoice emails to your customers about the Void/Refund.
Credit Memos: You can now create, view, and email Credit Memos right from inside of RECUR360. To begin with, if you visit the Credit Memos report, you will see a new ‘Add New’ button that will bring you to a page where you can create a Credit Memo. After creation, you can go to pay any invoice and choose the option to apply the Credit Memo to the invoice. Similarly if you go into any invoice and choose Options->New Credit Memo From Invoice,
you will be brought to the create Credit Memo page pre-filled with all of the Invoice details and also the option to automatically apply that Credit Memo to the Invoice it was created from.
You can also visit any customer and choose Options->New Credit Memo to start a Credit Memo for the specific customer.
Additionally you can click into any Credit Memo from many pages/reports that list Credit Memos and view details about the Credit Memo. You can also edit, make a copy of, or email the Credit Memo from this screen. A Credit Memo email template can be setup in Settings->Email as well.
*NOTE: QuickBooks Desktop Canada is not currently supported for the new Credit Memo features. Stay tuned as those will be coming soon along with other exciting updates for QuickBooks Canada users in an upcoming release!
Processed Void/Refund History Report: In Reports, there is a new Processed Void/Refund History report. This will show voids/refunds that were processed through RECUR360 with details about them.
In QuickBooks Desktop we record the Refund Invoice to the item setup which will add to the Clearing GL account. When the money is deducted from your bank account for the refund we record that deposit like a bank transfer since Desktop will not allow for a negative deposit. This will balance out the Clearing GL account.
In QBO we are able to post a negative deposit when the return is taken back out of your bank account.
We still use the Clearing GL account when the negative deposit is prosessed to balance out the account.
