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BehindtheBeauty
December 7, 2022
Question

How to record a bank transaction as an expense transaction

  • December 7, 2022
  • 1 reply
  • 0 views
Downloaded banking transactions. Need to Match a deposit into Bank to reduce a supplier expense - return of a security deposit on an item I rented. Expense is recorded for $350 - Supplier refunded $100 (Etransfer). I can't match the downloaded bank transaction to any expense record - only to income or revenue related accounts. This in NOT income or revenue it is an expense credit.

1 reply

A
Alex M
December 7, 2022

Hi there BehindtheBeauty,

 

It's vital that all your transactions be entered correctly so that your books can be well balanced. QuickBooks Online is a great tool able to help you keep track of transactions so you can see the finances of your company. I can provide some information about entering refunds from suppliers. 

 

In order to enter a refund from a supplier, you can use the steps in the section titled Supplier refund if bill has been paid of the linked article. In essence, you will have to create a supplier credit, then create a deposit, and link them together using an expense or cheque in order to match it with the transaction seen in your banking tab.

 

if you have any other questions, feel free to reach out here.

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