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kim27
March 12, 2019
Question

Interac e-transfer payment and refund

  • March 12, 2019
  • 3 replies
  • 0 views

I am trying to record banking transactions. I accept payment via e-transfer and am refunding a payment. What would this transaction look like when I go to add it to Quickbooks?

3 replies

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Anonymous
March 12, 2019
Hi Kim, can I ask if the invoice you're accepting payment for will revert being outstanding or is the sale being cancelled?
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kim27Author
March 12, 2019
The sale is being cancelled altogether.
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Anonymous
March 12, 2019

Thanks, Kim. I should have asked what version of QB you were using - I'm going to assume it's QB Online for this answer. If it's not, I can give you a solution for desktop. In QBO, go to the + icon in the top right hand corner. Choose Refund Receipt under the Customer column. Choose the customer name, the date of the refund and which account you'll be refunding it from. Select the income account the original sale went through and don't forget to use GST/HST to reverse the tax collected as well. This should now match the amount refunded in your bank feed. Hope that helps.

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Pollito1
July 10, 2023

I am using a Quick book desktop. how to proceed to record a purchase refund to correctly record the GST

 

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JamesM4
July 10, 2023

Hello Pollito1. Glad to have you chime in on this thread. I encourage you to check out this article here as it shows you how to record a refund in QuickBooks Desktop. You're more than welcome to ask other questions as you go through the article, I'll be a message away.

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