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A
Accounting_2023
May 25, 2023
Question

How to link two credit card transaction in QuickBooks online

  • May 25, 2023
  • 1 reply
  • 0 views

My home currency is set to CAD.

Vendor charged $100 USD (Invoice in USD) from my Canadian credit card and the total amount on statement was CAD $130

after few days vendor refunded the total amount of USD $100 to my Canadian credit card account which was $115 CAD.

I created the vendor bill and marked as paid in QuickBooks for CAD $130 but now they refunded the total amount of $115 CAD, 

how do I link the bill and refund transaction in QuickBooks so that it can be shown in CAD visa chart of account, vendor account and system can calculate the net exchange loss/gain of $15

Tried putting it as a credit card expense but system is not picking gain/loss currency exchange

Thanks

1 reply

A
AdminAndrea
May 25, 2023

Have you tried entering a Credit Card Credit for the refund transaction?  

 

+New

    Under Suppliers choose Credit Card Credit

 

 

A
Accounting_2023Author
May 25, 2023

I did try putting it under credit card credit however system is not picking up for which bill this refund is associated with and because there is a conversation rate loss after refund so QuickBooks is not posting entry of exchange gain/loss to show how much amount we have loose while converting, I am not sure if I need to post any journal entry to record this transaction

A
AdminAndrea
May 25, 2023

I'm not sure that you can link the actual bill to the refund - I've never tried to do that before.  I tend to use the "memo" section to capture the details so that I can match items up. 

 

This time I think you may want to do a separate entry to record the difference and make a note in the "memo" section so that you easily find all related items and reconcile your account.  

 

Wish I could give you better advice 🙂

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