Deposits and refunds
Deposit slips
A deposit slip is a document used to deposit checks, credit card notes, and cash into a bank account. You can use the Deposit slip page to view and manage deposit slips for payments into bank accounts.
You might want to cancel a deposit slip payment if a customer payment is invalid. If you have already reconciled the deposit slip in the bank statement, you cannot cancel the payment.
If you were to cancel a deposit slip, Finance might require a Reason code, if the Require reasons for deposit slip payment cancellations check box is selected on the General FastTab of the Cash and bank management parameters page.
If you want to submit a deposit slip payment cancellation for review, select the Use review process for deposit slip payment cancellations check box on the General FastTab of the Cash and bank management parameters page.
During review, you can either approve and post the journal, or reject the cancellation.
Refund checks
Under certain circumstances, companies need to generate payment refunds to their customers or process refunds that they received from their vendors. This usually occurs when credit notes, overpayments, and bonuses are involved in third-party transactions.
In Finance, you can create a check refund that prints out a check. The refunding feature is implemented in payment journals for customers.
Use the Debit field to specify the amount to be refunded. Never use a negative amount of the Credit field.
Before you create a check refund, set up a Method of payment to refund a check to a customer.
Payment reversal
Occasionally, you need to reverse a check after you have made a payment and posted the check. For example, the delivery company might have the check, or a member of the accounting staff might notice that an employee paid the check incorrectly.
Two methods are available for reversing posted checks:
- Reversals are posted immediately when you click the Payment reversal button in the Check page.
- When you click the Payment reversal button in the Check page, the reversal is sent first to the Check reversals journal in cash and bank management, where a reviewer can then post or reject the reversal.
You might reverse a check to reissue a payment made to a vendor. You can reverse only posted checks that have a status of Paid. Reversing differs from deleting or voiding checks because you can delete only checks that have a status of Created, and you can void only unposted checks.
Deleting the journal removes the reversal from Finance, but the original check remains in the Check page.
Customer refunds with credit transfer format
The ISO 20022 credit transfer is a messaging standard developed by the ISO for financial transactions and defining a format for electronic payment instructions. Messages in ISO 20022 credit transfer format are used to transfer funds from one bank account to another. The standard allows banks and financial institutions to transmit payment instructions in a consistent and structured way with a reduced number of errors and increased efficiency.
The ISO 20022 credit transfer messages can be used for both domestic and cross-border payments and can be sent using various communication channels such as SWIFT, XML, and web services. The adoption of ISO 20022 credit transfer messages is becoming increasingly widespread, and many countries and financial institutions are migrating to this standard to improve their payment processing systems.
This feature introduces ISO 20022 credit transfer format in the Customer payments journal in the following scenarios:
- Refund or reimbursement with credit note.
- Refund of prepayment by using payment proposal.
- Manual refund.
For more information on the prerequisites needed to utilize the feature, go to Import ISO20022 files
When you have imported the ISO20022 files you can proceed to transfer the refund:
- Go to Cash and bank management > Bank accounts > Bank accounts.
- Open the Reconcile tab.
- Select the record to open the Bank account details and then select Edit.
- In the Additional identification section, enter a value in the IBAN field and in the SWIFT code field.
