This article will guide you through understanding your Remit Report when refunds are being made back to a customer as Credit on Account.
Below is an example:
1. Member purchases a shirt for $20 using a Credit Card
This purchase will show up on the Remit under the Summary tab. Transactions Fees and Franchise Fees are applied.
It will also show under the Products Tab.
2. Member returns shirt and the $20 is credited to the customer's account (Credit on Account)
The refund shows up in the Remit under the Refunds tab. The Transaction Fees and Franchise Fees are not returned.
3. Member purchases another shirt for $20 using the Credit on Account
The purchase shows up under the Products Tab but not on the Summary Tab as the revenue has already been accounted for at the club and all fees have been taken.
When a Gift Certificate is Sold
1. Member purchases a $100 gift certificate for a prospect using a credit card
This purchase will show up on the Remit under the Summary tab. Transaction Fees and Franchise Fees are applied.
This will also show under the Products Tab.
The recipient's account is credited with $100.
2. When recipient purchases a shirt for $20 using the Credit on Account
The purchase shows up under the Products Tab but not under the Summary Tab as the revenue has already been accounted for at the club and all fees have been taken.