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C
Celeste M
September 13, 2021
Question

Recording a mistaken payment we made that will be refunded

  • September 13, 2021
  • 1 reply
  • 0 views

We mistakingly paid our insurance bill for one month twice. We asked for it to be refunded because we are a non-profit and each bill is carefully classified for grant reimbursement. My question is what do I do with the initial expense in my online banking feed? We may not receive a refund for several weeks and I want to be able to close the monthly books.

Thanks in advance for your help!

1 reply

R
ReymondO
September 13, 2021

Hey there, @Celeste M.

 

Let me answer your banking queries in QuickBooks Online (QBO). 

 

If you recorded the payment inside QuickBooks, simply match it with your downloaded banking transaction. If not, you can manually add it in the Banking page. 

 

To link with an existing transaction, you can follow these steps:
 

  1. Go to the Banking menu or Transactions menu and select the tile for the account you want to review.
  2. Click the For Review tab to start your review.
  3. Find a downloaded transaction with the Match option in the Action column.
  4. Note the Date, Description, Payee, and amount spent or received and select the downloaded transaction to expand the view.
  5. Review the Matching records found in QuickBooks. Then, click the link next to each match to get more details.
  6. Make sure this is the correct match and click ​Match​.

 

QuickBooks now knows the downloaded transaction is the same one you already entered. It connects the two so there are no duplicates. Then, you can now reconcile your account and close your books. 

 

Once the refund is posted, you can simply add it in the Banking page. 

 

I'd also recommend reaching out to your accountant for further advice in handling your bank transactions. This way, we can ensure that your books are accurate. 

 

You can always raise your concerns in the QuickBooks Community. I, my colleagues, and other QuickBooks user are always willing to help. Stay safe.

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