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A
aaabdulov
May 9, 2023
Question

Need advice on weather we correctly mapped our transaction types to QB transaction types or not.

  • May 9, 2023
  • 1 reply
  • 0 views
 

In our app merchants in Uganda can perform the following types of transactions using Mobile Money:

  • Payment: movement of money from customer to merchant in exchange for goods or services. 
  • Withdrawal: movement of money from customer to merchant in exchange for cash. 
  • Top-up: movement of money from merchant to customer in exchange for cash. 
  • Refund: movement of money from merchant to customer linked to the successful payment in the past. 

 

We need to export these transactions into QB.

Would it be correct to create the following transactions for each merchant in their QB online company?:

  • Sales receipt for our Payments and Withdrawals
  • Refund receipt for our Refunds and Top-ups

 

Thanks in advance.

1 reply

LieraMarie_A
LieraMarie_A
May 9, 2023

Welcome to the Community, @aaabdulov.

 

We appreciate your interest in QuickBooks Online. I'm here to ensure your transactions are being mapped correctly and accurately reflected in your financial records.

 

Based on the information provided, it seems that mapping the transactions as Sales Receipts for payments and Refund Receipts for refunds would be a reasonable approach for exporting the transactions into QBO. Sales Receipts are used to record sales transactions where payment is received at the time of the sale, which would be appropriate for payments. If you get the money later, you can use Invoice and Receive Payment instead. Refund Receipts, on the other hand, are used to record refunds or credits issued to customers, which would be appropriate for refunds.

 

For the withdrawals and top-ups, it would be suitable to use Bank Deposits and Expenses/Checks, respectively. Bank Deposits are used to record deposits of funds into a bank account. Expenses/Cheques, on the other hand, are used to record expenses or payments made by the business.

 

Moreover, you can check out the following articles to find everything you need to use QuickBooks:
 

 

The Community is always here if you need further assistance with setting up your account. It's our pleasure to help. Have a great day!

    A
    aaabdulovAuthor
    May 9, 2023

    Hi @LieraMarie_A,

     

    Thank you for the prompt response. I'll analyze those types of transactions and will get back to you.

     

    Regards,
    Andrei

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