User Support Forum

Also,

Our phone company did something really silly. We sent them money in January but they deemed that we overpaid and instead of crediting our account, they sent the money back to us directly into our bank account.
Now I need to make an entry in powerchurch to reflect this, So I want to know if can I just reverse the original transaction or will that not work?

neac wrote:Also,

Our phone company did something really silly. We sent them money in January but they deemed that we overpaid and instead of crediting our account, they sent the money back to us directly into our bank account.
Now I need to make an entry in powerchurch to reflect this, So I want to know if can I just reverse the original transaction or will that not work?

You don't want to reverse the original transaction because it has already cleared the bank and, I'm assuming, is already listed on a bank statement.

What you should do is create a transaction in FUnds Accounting, that DEBITs the checking account, and CREDITs the original PHONES expense account. You're returning funds back to the checking account, and lowering the expense to reflect the refund.