How to Refund an Owner

How to Refund an Owner

If an owner is in credit and requests a refund, the following steps are required.

In Xero:

  1. In the Business menu, select Invoices.

  2. Select the Awaiting Payment tab
  3. Open the credit transaction to refund.

  4. Complete the payment fields in the cash refund section at the bottom of the screen.
    1. Amount
    2. Date
    3. Paid From (Bank account you are going to pay this refund from)
    4. Reference: Refund
  5. Click "Add Refund"


In your bank account:

  1. Go into your bank account and pay the owner the refund amount.
  2. In 24 hours, the refund will appear in the bank reconciliation, and it will match the above refund.


In Prism:

  1. Sync Prism to Xero
  2. Navigate to: Owner/owners Name/Account/History/Credits
  3. The refund will be removed from the owner’s balance and appear in the credits section of their owner profile.
  4. The refund will appear on the owner’s statement in the next end-of-month cycle.


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