Overview

This article explains how to process a negative payment in QuickBooks when using Lump Sync. 


A negative payment comes from these entries:

  • Refunds
  • Cash adjustment on a Reconciliation

This process will work for QuickBooks Desktop and QuickBooks Online.

Since Lump Sync doesn't create individual customers or transactions in QuickBooks, any refund check will need to be handwritten.


Example

A CoreBridge customer has been given a $100.00 refund. 


When a CB refund appears on the Journal entry in QuickBooks it is posted as a credit to Undeposited Funds.


A negative deposit cannot be recorded in QuickBooks so a journal entry is needed to move the amount out of Undeposited Funds and out of the associated bank account.


Instructions

  1. Create a journal entry
    • Debit: Undeposited funds
    • Credit: The bank account the refund was issued on. This could also be your Petty Cash account.

  2. Make a $0.00 deposit by selecting both the positive and negative amounts.
    Line 1 is the $<100.00> from CoreBridge.
    Line 2 is the debit from the journal entry