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M
maria69
August 1, 2021
Question

1) If a payment made from a customer includes refunds , how do a match the payment made? 2) How do I account for TDS on invoices?

  • August 1, 2021
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1 reply

R
Rasa-LilaM
August 1, 2021

It’s great to share you in the Community, maria69.


I’ll guide you on how to match the payment with refunds in QuickBooks Online.


The online program will match the transaction with the one you already entered in the company. This will link them together and prevent duplication of entries.


In your situation, you’ll have to match the transactions separately. Before performing this process, you’ll have to enter the refunds in QuickBooks. With just a few clicks you can accomplish this task.

 

  1. Tap the New menu in the upper left and choose Refund receipt under Customers.
  2. Enter your client’s name in the Customer field.
  3. Fill in the boxes with the correct information.
  4. Make sure to enter the refund amount.
  5. Click Save and close.
  6. Follow the same steps if you wish to record another transaction.

 

Once done, you can now it with the one on the Banking page. You’ll see a negative amount since the money is withdrawn from your funds.


If the invoice is already paid, deposit the payment to the Undeposited Funds. Then, match it with the one on the Banking page. Please know it will show a positive amount in the bank feed.


To account for the TDS on your invoices, you’ll have to enable it in the customer’s profile. For the detailed instructions, you can check this guide: How to set up TDS.


You can bookmark the following links for additional resources. These articles will guide you on how to match downloaded bank data, track refunds, and deposit payments via Undeposited Funds.

 

 

To get acclimated to any banking activities, let me share the link to our self-help article: QBO guide. It contains topics about reconciling an account, connecting a bank to the bank feeds, add a foreign currency, to name a few.

 

If you have additional questions about matching transactions and other banking activities, post a comment below. I’m always ready to answer them for you. Enjoy your day.

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