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Jan 16, 2024 10:08 PM UTC
Solved

Refund cash back into an Expense Account

Using Cash, I gave an employee $400 to buy supplies for a repair.

 

I created the Cash Withdrawal from Checking using the Expense Account "Repair Expenses"... which now showed in my Reports that I spent $400 this period towards "Repair Expenses".

 

But then, after completing the job, the employee said that he only needed to spend $230 on the repairs, and he handed me $170 to put back into the bank.

 

I can create a Deposit and use an Income Account like "Reimbursement Income" or "Other Income".... but that still shows in a Report that I spent $400 on "Repairs" this period.

 

But I didn't. I spent $230 on Repairs.     "Repairs" didn't cost me $400...  And in no way did I 'make' $170 in any sort of Income, no matter what the title of that Income Account.

 

On paper, I know how I could "put that money back into the Repairs Account" so that it correctly showed an outlay of $400 for a while, but then ended up with only an outlay of $230... and my Checking Account would of course come out correctly...

 

But how, in QuickBooks Online, do I somehow Record the "Money Back/Reimbursement" reflecting in the Expense Account?  I have no Income Account called "Repair... Reimbursement?" and even if I did, my Repairs Expense Account would still be incorrect.

 

If anyone can solve this conundrum for me, I'll fax you the $170....

Rainflurry
Jan 18, 2024 12:18 AM UTC

@RBMercer 

 

1) Account is wherever the cash is going to be deposited.  If it isn't going back into your checking account and you keep cash on hand, create a bank account in QB called Petty Cash and use that.

2) Leave blank

3) Yes

4) Optional

5) Optional

6) Optional

7) Yes

 

 

 

3 replies

Rainflurry
Jan 17, 2024 1:10 PM UTC

@RBMercer 

 

Just assign the Repair Expense account to the deposit.  That will reduce the expense from $400 to $230.   

RBMercerAuthor
Jan 17, 2024 11:01 PM UTC

Just to be clear, on my Quickbooks Online Bank Deposit screen, 

1) Account is my Checking Account

2) Recieved from... is my employee handing me back the cash?

3) Account is Repairs Expenses account

4) Description is "Whew, that was cheap!"

5) Payment Method is "Cash"

6) Ref No is "That ain't never happened before""

7) And Amount is $170.

 

Does that sound right?  If that works, u be a wizard... it would be exactly what I needed.

Rainflurry
Jan 18, 2024 12:18 AM UTC

@RBMercer 

 

1) Account is wherever the cash is going to be deposited.  If it isn't going back into your checking account and you keep cash on hand, create a bank account in QB called Petty Cash and use that.

2) Leave blank

3) Yes

4) Optional

5) Optional

6) Optional

7) Yes