A Better Way to Manage Your Everyday Money - Book - Page 94
Late fees and interest are added to a credit card account the same as a purchase transaction. They
are included in the new balance amount on following statements and accrue interest the same as
purchases.
Refunds
Returning or canceling an item purchased with a credit card generates a refund transaction that is
processed by credit card companies in one of two ways:
● Same as a purchase transaction: The refund appears on the next statement as a
transaction with a negative amount regardless of when the return happens.
● As a partial payment:
When the return is made
on or after a statement date
and before the payment
due date, the return
appears on the next
statement as a partial
payment. A return dated on
or after a payment due date
and before the date on
which the next statement is issued appears on the next statement as a transaction with a
negative amount.
Syncing with PerNetFlow
The entry and application of refunds to a scheduled credit
card payment in PerNetFlow is simplified and less
confusing when the credit card payment due day is the
same as one of your monthly spreadsheet column days, and
payments are made with an automatic deduction.
For example, when a credit card payment due day is the
1st or 15th of the month, which is when you pay bills,
there is no gap between when you pay bills in PerNetFlow
and when the payment is due. No matter when you do a
refund, it’s obvious which scheduled payment is affected.
If, on the other hand, there is a gap between paying bills
and when a credit card payment is due, you cannot enter a
refund made between paying bills in PerNetFlow and the
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