Jordan Meyers reports:
"Processing the average overpayment refund isn't usually difficult or confusing. You may benefit, however, from taking care with checking the overpayment amount, documenting the refund and notifying the client or customer of the specific reason for the refund. You can typically send these refunds through the regular postal mail in check or money order form, although you can refund most credit card payments using your merchant account...Double-check your records before you take action after an overpayment. You may find an underpayment in your records that a client sent the overpayment to correct...Document the overpayment in your records...Type a letter to the person who made the payment, explaining that he paid in excess of the amount due. Note your intent to send a refund and provide information about when and how the person can expect the refund...Debit the same account that you applied your customer's or client's payment to when you send the refund...Record the payment you made as a refund in your written or bookkeeping ledger. The balance of the customer's or client's payment should now show paid in full rather than a credit amount...Make note of how you sent the refund, such as by mail or via a credit card refund...Consider asking your client or customer if she would accept a credit in lieu of a refund. If she agrees, you can save postage and a trip to the post office. Create and publicize your policy for handling overpayment refunds...Create a schedule for sending refunds if you frequently receive [overpayments]. This way, you can avoid taking time away from other matters to deal with them on a daily basis."
Writing and editing can be pretty rigorous processes if you want to do them well, but that's what this page is here for. Check out the latest tips here.