Skip to main content
A
Ashley1981
August 4, 2023
Question

Matching Bank Transactions to Refunds

  • August 4, 2023
  • 1 reply
  • 0 views

Q1: A customer paid an invoice and then we issued a refund to their credit card. How do I match this bank transaction to the refund? The refund receipt that I entered does not appear when in click "find match".

Q2: I have a bank deposit transaction of $700. This includes a customer deposit of $1000 and $300 refund to a separate customer. How do I match this?

 

Thanks!

Ashley 

 

1 reply

A
Alex M
August 5, 2023

Hi there Ashley1981,

 

It's important that all your transactions are correctly entered in your books for your totals to be well balanced. QuickBooks Online is a great tool able to help you keep track of invoices, payments, credits and refunds so you know the amount owed to you by your customers. I can point you in the right direction for assistance in matching.

 

One cause for this refund not appearing when attempting to match the refund receipt would be that the refund receipt isn't affecting the correct bank account. I recommend locating this transaction and making sure it affects the right date and account. so it can be shown, and make sure when searching for the match that the date range is the correct one to include the date of the payment.

 

Another reason the payment would not be shown is if this transaction has been marked as reconciled. Once a transaction is reconciled, it can't be matched after the fact, so for next time, I'd wait to reconcile until transactions are matched and you can exclude the transaction as long as the prior steps were checked to make sure it affects the right date and account. A second reason that this wouldn't be shown in the transactions that can be matched is that there is already a match associated with the refund receipt. You can go to the Accounting tab, then Chart of Accounts. Select the bank account in question, then Account history, to locate the transaction in the list. If it's already reconciled, an R will be in the column that has a Checkmark as a header.

 

As for the Payment and refund combined in one deposit, what you can do is have both the refund receipt and payment go to the Undeposited Funds account, then when creating the Deposit, you can check both the Payment and Refund Receipt, showing as 1,000 and -300 respectively, and that should add up to the $700 balance.

 

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

B
BookingGuest
October 6, 2023

I have a visa debit of $600 based on the total sales and refunds conducted on that day ($1200 sale, $1800 refund). How do I match this under m banking?

T
Trish_T
October 6, 2023

Hi BookingGuest,

 

Thanks for joining us here.  In addition to the valuable and detailed information provided by my colleague in the post above, I encourage you to review this helpful guide, to assist with matching transactions in QuickBooks Online.  However, your time is valuable and I feel you would benefit from contacting our Customer Care team outside of Community.  With your consent, they'll be able to connect with you virtually and navigate through the process with you, so you can complete your QuickBooks goals as soon as possible!

 

Schedule a Callback: click (?)Help in the upper right > click Contact Us > explain your situation > click Let's Talk > choose Get a callback (Note: Callback hours are the same as regular phone hours.)

Social Media: Facebook, Twitter, and Instagram from Monday to Friday between 9 a.m. and 8 p.m. ET. 

 

Please don't hesitate to reach back out with other questions.  We're always happy to assist!

Terms & ConditionsAccessibility statement