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CraigHenk
December 4, 2023
Question

Payment by credit card received, payment posted, cancelled

  • December 4, 2023
  • 1 reply
  • 0 views

I received a payment from a customer by way of Wepay and recorded it in period 9, posted the deposit, put it in bank, reconciled bank account.  In period 10, we refunded this customer for the amount they paid.  How do I correct this customer balance to be correct as far as sales and also make cash correct?

1 reply

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AileneA
December 4, 2023

Hi there, CraigHenk. I'll ensure we can correct the customer balance and sales and fix any discrepancies in the cash balance.

 

If you have already received a payment from a customer, recorded it in your accounting system, deposited it to your bank, and reconciled the account but then had to refund the payment back to the customer, there are a few steps you need to take. First,  you must write a check to refund the payment to the customer. This Check should be recorded in your accounting system, affecting the accounts receivable. 

 

Here's how to write a check: 

 

  1. Go to + New, then select Check.
  2. From the Payee dropdown, select who you want to address the Check to.
  3. From the Bank Account dropdown, choose the account (Account Receivable) you want the money to come from.
  4. Fill out the rest of the fields accordingly.
  5. (Optional) You can skip this step if you only want to record a check. But if you plan to print the Check, you can choose to print it now or later.
  6. Note: If you need to reuse a check number, uncheck the Print later checkbox. When you save the Check, confirm that the check number already exists.
  7. Press Save and close.

 

For further guidance in writing checks in QBO, please check out this article: Create and record checks in QuickBooks Online.  

 

If you ever need to print checks in QuickBooks Online, you can refer to this article as your guide. It provides step-by-step instructions on printing checks, making the process quick and easy: Print a check in QuickBooks Online.

 

Please let me know in the comments if you have other recorded customer refund concerns and questions about managing transactions in QBO. I'll gladly help. Take care always, @CraigHenk.

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CraigHenkAuthor
December 6, 2023

Thank you.  Is the answer still the same if the sale is recorded as a sales receipt instead of recorded as a sale into AR or does the answer change?

JaeAnnC
JaeAnnC
December 6, 2023

I appreciate you returning to this thread, @CraigHenk. I'm here to add further information about recording a customer refund that has already been reconciled in QuickBooks Online (QBO).

 

To properly record the sale, you'll have to select the Sales or Income account you used for the item since the sale receipt has a direct impact on your bank or undeposited funds. The Accounts Receivable account is only linked to invoices and is not affected by sales receipts.

 

Furthermore, I'm adding this article to help you personalize the appearance of your sales forms: Customize invoices, estimates, and sales receipts in QuickBooks Online.

 

Please don't hesitate to swing by the Community whenever you need additional help recording refunds in QBO. I'll get in touch with you right away to assist you further. Take care.

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