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J
jennsmith457
July 22, 2020
Question

Credit Card Refund is sitting in undeposited funds and not matching with the bank transaction. How do i fix this?

  • July 22, 2020
  • 1 reply
  • 0 views
Original commenter did not share additional details

1 reply

LieraMarie_A
LieraMarie_A
July 22, 2020

You'll need to deposit the refund to the correct bank before you can match it with the downloaded transaction, @jennsmith457.

 

Let me walk you through in transferring your funds from the Undeposited Funds account to your desired bank account.

 

  1. Click on the +New button.
  2. Select Bank Deposit.
  3. From the Account drop-down, select the bank account.
  4. Mark the transactions you want to transfer from the Select the payments included in this deposit section. 
  5. Review the transaction details.
  6. Select Save and Close.

 

Then, match them with the downloaded transactions. 

 

Additionally, you can reconcile your account to make sure they match your real-life bank statements. Just go to the Accounting menu and select Reconcile.

 

Don't hesitate to comment below if you need further assistance. I'm always around to help. Have a good one.

J
jennsmith457Author
July 23, 2020

I'm thinking i didn't word my question correctly.  Because if i make a deposit that puts the money back into my bank account which is not what i want to do.  This was a refund where i refunded my customer for a double charge that i processed in error.  I created the refund and processed the CC at time of issuing the refund.  Now what has happened is the refund is sitting in undeposited funds as a negative number, when it should be pulling from my bank account, but it won't let me tell it where to pull that $$ from.

J
jamespaul
July 23, 2020

Hello, jennsmith457.

 

Thanks for getting back here. I appreciate the adding more details and clarification on the issue. I'll take it from here and help you handle the refund amount from the Undeposited Funds account. 

 

It looks like both the payment and the refund are in the Bank Deposit screen since you created them both at the time of issuing the refund. To clarify, it's true that the refund will reflect on your bank's register. However, it won't actually put the money back into it. Rather, the total deposit will be reduced by the negative amount (which is the refund).

 

You can find the final amount under the Select the payments included in this deposit table. Here are the screenshots on what will happen if you process the bank deposit: 

 

 

That said, you can go ahead and process the bank deposit. 

 

Next, let's deal with the downloaded bank transaction. Are the amounts (both the double charge and the refund) downloaded in a lump sum amount? If so, you'll just want to match the entire bank transaction with the deposit record. Here's how: 

 

  1. Go to the Banking page. 
  2. Under the For review tab, find and select the transaction. 
  3. Tick the Find match radio button.
  4. Find and check the deposit, then click Save. 

 

 

QuickBooks will also automatically detect a potential match. If it's correct, simply click the Match link under ACTION.

 

If the bank transactions were downloaded separately (the double charge and refund), you'll want to manually clear the deposit transaction then exclude the downloads. 

 

To manually clear the transaction: 

 

  1. Go to your Chart of Accounts.
  2. Find the bank and open its register by clicking on View register. 
  3. Locate the deposit transaction and select it.
  4. Under the "check" column, click the box until "C" appears (this indicates that the transaction was cleared).
  5. Click Save. 

 

 

 

To exclude the downloaded transactions: 

 

  1. Go back to the Banking page.
  2. Find and check the downloaded bank transactions.
  3. Click Exclude. 

 

 

You can also delete them completely from the Banking page. Just go to the Excluded tab, click the transactions again then hit Delete. 

 

This is what will happen when you're ready to reconcile the bank statement: 

 

 

If you need help with other tasks, you can browse for topics and articles here. The page includes topics like reconciliation, reporting, and helping you manage your customers and sales. 

 

I'm more than willing to help you again with other concerns regarding QuickBooks Online. Leave a reply here and I'll get back to you. Have a nice day ahead.

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