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Kateryna_G
December 16, 2020
Question

How to match bills, invoices and refunds with one bank transaction? How to enter refund from vendor and to match it?

  • December 16, 2020
  • 1 reply
  • 0 views

Hi guys! I have an issue.

We have some payments over Stripe or simple bank transactions that include diverse positions.

For example:

1) Our customers pay through Stripe, we pay the refunds in same way. But we become the Stripe payouts as a bunch of transaction. One Stripe payment could include 3 customer payments, 1 customer refund and separate Stripe fees. When I want to match this transaction with the documents entered in QBO, I could only select invoices, but not refund receipts or bills. 

2) Same with other payments. We have vendors that are also customers. They could pay our invoice deducting the open bill. How could I match invoices and bills in one bank transaction in QBO?

 

Other question: How should we enter Refund for Vendor. For example for Amazon,  when we physically paid for a bill and then get money back? Vendor credit? But how do I match it with the bank transaction, I don't have this in the match list?

 

Thanks in advance!

    1 reply

    MaryLandT
    MaryLandT
    December 16, 2020

    I'm here to help record your transactions in QuickBooks Online (QBO), Kateryna_G.

     

    You're unable to match bills, invoices, and refunds with one bank transaction.

     

    You can exclude Stripe transactions on your Banking page. Then, if the Stripe fee is the deduction for the payment, you can record the full payment to your Undeposited funds. Then, make a bank deposit so you can deduct the fee.

     

    Let me show you how:

    1. Open the existing invoice and click Receive Payment at the upper-right. 
    2. In the Receive Payment page, select Undeposited Funds in the Deposit to field. 
    3. Select the correct invoice and review the amount.
    4. Click Save and close. 

    Here's how to link the payment to the wire transfer fee:

    1. Go to the +New button and select Bank deposit. 
    2. Select the account where the funds will be deposited. 
    3. From the Select payments to add to this deposit section, select the invoice payment.
    4. Under the Add funds to this deposit section, select the customer's name, the expense account used to track fees, and a negative amount of the fee.
    5. The original invoice amount is being deducted with the fee.
    6. Click Save and close. 
    7. Once done, you can record the customer refund. 

    For vendors who are also your customers, you can enter a Credit Card Credit. This way, you can apply the outstanding customer credits to your vendors. Here's

     

    1. Go to the Plus (+) icon.
    2. Select Credit Card Credit.
    3. Select a payee and select a credit card account beside Credit Card Account.
    4. Fill in the necessary information and enter the amount.
    5. Click Save and close.

    Entering the credit depends on how you record your purchases. I'm adding this article to help you manage this transaction in QuickBooks: Enter a credit from a vendor.

     

    Stay in touch with me if you need additional information by commenting below. I'm always right here to help you.

    K
    Kateryna_GAuthor
    December 16, 2020

    Thank you, Mary!

     

    I'll try this and let you know if it doesn't work.

     

    But still, what should I do if I have in the same Stripe transaction - customer payment and customer refund? How should I match it?

    M
    MirriamM
    December 16, 2020

    Thanks for getting back to us, Kateryna_G.

     

    In behalf of my colleague MaryLandT, you are welcome.

     

    Right now, able to match customer payment and refund into one bank transaction is unavailable. 

     

    As what Mary provided, you can manually record the customer payment by following the steps above provided by her. And for the refund, here's what you'll need to do:

    1. In the left menu, click the + New button.
    2. Choose Refund Receipt.
    3. In the Customer ▼ dropdown, pick the customer you want to refund.
    4. Tap the Refund From ▼ dropdown, then choose the bank you deposited the payment for the invoice too.
    5. Add all products or services the customer returned in the Product or service column.
    6. Fill in the quantity, rate, amount, tax, and other fields accordingly.
    7. Pick Save and close.

    For more details, see this article: Record a customer refund in QuickBooks Online.

     

    Post again in the Community if there's anything else you need. I'm here to keep helping. Have a fantastic day!

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