This article explains how to process a negative payment in QuickBooks when using Summary Sync.
A negative payment comes from these entries:
- Cash adjustment on a Reconciliation
This process will work for QuickBooks Desktop and QuickBooks Online.
Since Summary Sync doesn't create individual customers or transactions in QuickBooks, any refund check will need to be handwritten.
- A CoreBridge customer has been given a refund.
- When a refund appears on the Journal entry in QuickBooks it is posted as a credit to Undeposited Funds.
- QuickBooks does not allow negative deposits.
- Edit the journal entry in QuickBooks where the negative payment posted.
- Change the GL account from Undeposited Funds to the account you need to use such as a Bank Account or a Petty Cash account.
Create a journal entry
- Debit: Undeposited funds
- Credit: The bank account the refund was issued on. This could also be your Petty Cash account.
How to create a journal entry:
- QuickBooks Desktop: Company > Make General Journal Entries
- QuickBooks Online: Plus Symbol > Journal Entry
Save the journal entry
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