Recording Care Credit Deposits and Refunds

Recording Care Credit Deposits

1. In TDO, record Care Credit payment for full amount processed (e.g. $1000).

2. Run sync as you normally would

3. Go to Synchrony website or statement to determine amount withheld from deposit for Care Credit service charges (e.g. $59)

4. In QB: Banking > Make Deposits Select Care Credit payment > Ok

  a. Update date of deposit if applicable and update memo to indicate care credit deposit

  b. On the first blank line after the payment(s) in the “From Account” column, choose “Care Credit Fee” (add this as an expense, sub account of Bank Service Charges if not there)    c. On the same line after the payment(s) in the “Amount” column, enter the amount the deposit will be reduced by for the fee (e.g. -$59) Make sure you put the minus sign before the amount withheld

  d. The adjusted deposit total will reflect the payment minus the Care Credit withholding (e.g. $941) Save and Close

You also can deposit the full payment on the day it was recorded and then adjust the deposit when you get your statement if you prefer. To use this method, you would make the deposit as normal with the full amount of the payment, then you would open the deposit from your bank register and make the adjusted listed in section 4.

Recording Care Credit Refunds

1. From TDO Ledger – Debit Adjustment, enter amount and click issue check in QB box.

  a. Reason is “Refunded to Credit Card”

  b. Reference is “Refunded to Care Credit”

  c. In QuickBooks – Open Check from bank register or customer center.

    i. Unclick “To Be Printed” box. Enter “CCR w/DEP” in check field to indicate the money was electronically transferred out of your credit card merchant account.

    ii. On the first blank line under the “Account” column, choose Care Credit Fee

    iii. On the same line under the “Amount” column, enter the amount the refund will be reduced by. Make sure you put the minus sign before the amount withheld

    iv. Click Save and Close