Reconcile refunds across payment and books
Before a refund is issued, Maito checks the original sale and approval, then records it once in the books.
Finance · Ecommerce · When something happens · Updated
Works with
- Slack
- QuickBooks
- Xero
Slack
QuickBooks
XeroHow do you reconcile refunds across payment and books?
To reconcile refunds across payment and books, connect your store and accounting. When a refund is requested, Maito checks the original sale, confirms the approval and flags anything off. After it's issued, it records the refund once in the books so the two always agree.
How it's done today
A credit is issued in one tool and the payment in another, and sometimes both happen twice.
What Maito does
- Check the original order and the approval
- Check no refund already exists
- Prepare the refund and the accounting entry
- Wait for a person to release it
Example
Loop run: Refund approved by Sam in #support
Refund for order 10431, Lucy Bell, $64.00 of $186.40, approved by Sam today. Checked: • Original payment Oct 12, $186.40. Matches. • Approval: Sam, damaged mug. • Accounting: a credit note for $64.00 already exists, dated Oct 15. Catch: the processor shows no refund, but the books already hold a credit note for the same $64.00. Posting a second entry when the money goes out would record $128.00 returned. I haven't released anything. Omar, should I update the credit note's status after the payment goes out, or leave it?
@Maito keep the credit note. I'll release the $64 refund now.
Noted. When the refund shows in the processor I'll link it to the credit note and mark order 10431 as refunded once. If a second request arrives, I'll stop it and tell you.
Maito (3:15 PM):
Refund for order 10431, Lucy Bell, $64.00 of $186.40, approved by Sam today.
Checked:
• Original payment Oct 12, $186.40. Matches.
• Approval: Sam, damaged mug.
• Accounting: a credit note for $64.00 already exists, dated Oct 15.
Catch: the processor shows no refund, but the books already hold a credit note for the same $64.00. Posting a second entry when the money goes out would record $128.00 returned.
I haven't released anything. Omar, should I update the credit note's status after the payment goes out, or leave it?
Omar (3:22 PM):
keep the credit note. I'll release the $64 refund now.
Maito (3:23 PM):
Noted. When the refund shows in the processor I'll link it to the credit note and mark order 10431 as refunded once. If a second request arrives, I'll stop it and tell you.
How to set it up
- Ask your agent
“When Sam marks a refund approved in #support, check the original order and whether a refund exists, prepare the books entry and ask Omar to release it.”
- Connect ecommerce platform
- Shopify
- Amazon Selling Partner
- Connect accounting software
- QuickBooks
- Xero
Not connected yet? Your agent sends you a link to sign in.
What it won't do
It can't decide whether a refund is deserved. It checks the records and leaves the approval to your team.
Questions
Shopify or Amazon Selling Partner for sales and refunds, and QuickBooks or Xero for the books.
No. A person approves and issues them. Maito checks beforehand and records afterward.
It checks the books for the same refund before recording and stops if one exists.
