How to apply a CC receipt when the customer wanted cash back?

Aug 31, 2005 1 Replies

Any help on this would be most appreciated. Just spent the last 2 hours trying to find information about this and found nada III.



Peachtree Complete Accounting 2005 / Windows Xp



Had a customer purchase an item for $2.25 but wanted the credit card ran for $105.00 and then receive the $102.75 back in cash. Very good customer so we allowed this.



However, now comes the time to enter into the system and we have no clue how to do this. Need to show $105.00 via credit card, but also need to show the $102.75 in cash that was removed. Also, our deposit will be off because we are short that cash. Seems like such an easy transaction, everybody allows additional cash back via credit card purchases, but i can't find how to record this into the system.



Thanks Kindly in advance


I'm surprised your merchant account permits this. I accept MasterCard / Visa and doing this is strictly prohibited by them. It gives the customer a cash advance without paying a cash advance fee, plus it will be paid at a different interest rate. If MC / Visa finds out, you may get nailed for a penalty and the cash advance fee.

Bob

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