Refunds can be initiated via NetSuite, which will trigger Paystand to return the funds to the customer's original payment instrument (Card or Bank Account).
The GL impact will be noted automatically, and Paystand will work with the Company during implementation to make sure that refunds are configured properly/impact GL appropriately.
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Click here to find the slides for refunds.
Generating a Refund Record (NetSuite)
Paystand accepts an Invoice-related Payment (Invoice is $100 + $4 Fee)
- A custom transaction “Paystand Fee” is created.
- It holds the `Payer Pays Fee` (or “added-fee”) amount
- A NetSuite Customer Payment record is created ($104)
- The record is applied to
- The above generated “Paystand Fee” ($4)
- The original Invoice ($100)
- Resulting GL Impact
- “Accounts Receivable” (Credit) full amount ($104)
- “Undeposited Funds” (Debit) full amount ($104)
- “Accounts Receivable” (Debit) added-fee amount ($4)
- “Undeposited Funds” (Credit) added-fee amount ($4)
- The record is applied to
When Paystand Sends a Transfer Report
- A NetSuite Bank Deposit record is created.
- “Bank Account” (Debit) ($100)
- “Undeposited Account” (Credit) ($104)
- “Undeposited Account” (Debit) ($4)
If you want to learn more on how Paystand Handles Refunds, visit our Zendesk: Refunds best practices in Netsuite or Sage Intacct