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Old 02-07-2017, 01:20 PM
Janglo Janglo is offline
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Join Date: Feb 2015
Posts: 11
Merchant services - Branch settlements

Does anyone have experience of dealing with retailers and Branch settlements. I'm unsure of where to post them and looking for advice.
Basically they occur when a retailer gives customer credit card refunds exceeding their credit card sales for a particular day. For example - cc sales are 500 and a refund is given for 700, AIB take a direct debit for the 200 a couple of days later. This is really only an issue because the bank clear on a daily basis.
My problem is where to post the 200 direct debit. It's not a bank charge, nor can it go against sales. Any ideas please ??
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Old 02-08-2017, 05:16 AM
Rustler Rustler is offline
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Join Date: Feb 2008
Location: Texas - The Republic
Posts: 2,413
it is a sales refund, so why wouldn't it go against sales?
I use an income account named refunds, it acts as a contra account just like sales discount income does - I prefer not to mix the two in one account but you certainly can.
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