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AMP01
February 27, 2021
Solved

Matching a deposit that nets a refund and charges to the appropriate documents

  • February 27, 2021
  • 1 reply
  • 0 views

if a 3rd party payment provider like Stripe deposit comes through the bank feed with a credit and charges netted together, how to I apply a refund receipt?  How do I match a bank deposit amount that is the net of a refund and charges to the appropriate documents?

    Best answer by IamjuViel

    Greetings, @AMP01.

     

    You can create a refund receipt and use Undeposited Funds in the Deposit To field. Then, you can create a bank deposit to include the refund receipt and the charges. I can guide you in doing so.

     

    Here's how to create a refund receipt:

    1. Go to the New (+) icon.
    2. Choose Refund Receipt.
    3. Select the Customer ▼ dropdown, then select the customer you want to refund.
    4. From the Refund From ▼ dropdown, select Undeposited Funds.
    5. Add all products or services the customer returned in the Product or service column.
    6. Make sure to fill the quantity, rate, amount, tax, and other fields accordingly.
    7. Click Save and close. 

    Once completed, you can now make a bank deposit. Here's how:

    1. Select + New.
    2. Choose Bank Deposit.
    3. From the Account ▼ dropdown, choose the account where the money was deposited.
    4. Mark the refund receipt you've initially created.
    5. Go to the Add fund to this deposit section.
    6. Enter the deposit and the charges. 
    7. Click the Save and Close button.

    Now, you can match it with your download stripe deposit. 

     

    Lastly, I'd recommend consulting with an accountant so you'd be guided in accurately recording your income and expenses.

     

    Keep us posted if you have other questions or concerns. I'm always here to help.

    1 reply

    IamjuViel
    IamjuVielAnswer
    February 27, 2021

    Greetings, @AMP01.

     

    You can create a refund receipt and use Undeposited Funds in the Deposit To field. Then, you can create a bank deposit to include the refund receipt and the charges. I can guide you in doing so.

     

    Here's how to create a refund receipt:

    1. Go to the New (+) icon.
    2. Choose Refund Receipt.
    3. Select the Customer ▼ dropdown, then select the customer you want to refund.
    4. From the Refund From ▼ dropdown, select Undeposited Funds.
    5. Add all products or services the customer returned in the Product or service column.
    6. Make sure to fill the quantity, rate, amount, tax, and other fields accordingly.
    7. Click Save and close. 

    Once completed, you can now make a bank deposit. Here's how:

    1. Select + New.
    2. Choose Bank Deposit.
    3. From the Account ▼ dropdown, choose the account where the money was deposited.
    4. Mark the refund receipt you've initially created.
    5. Go to the Add fund to this deposit section.
    6. Enter the deposit and the charges. 
    7. Click the Save and Close button.

    Now, you can match it with your download stripe deposit. 

     

    Lastly, I'd recommend consulting with an accountant so you'd be guided in accurately recording your income and expenses.

     

    Keep us posted if you have other questions or concerns. I'm always here to help.

      L
      Little jo
      October 22, 2021

      Hi

       

      I can see how this works if the refund is part of a larger transaction where there are payments as well as refunds. However, what I can't see how to do is when I have a stripe refund where money is taken from my bank account.

      I tried doing as above but Bank deposit will not let you save with a minus figure.

      I'm fine with a normal refund but because of the stripe fees I just can not work out how to record this and match the refund going out of my bank to the refund in my customers account and the stripe fees.

       

      Help would be greatly appreciated

      katherinejoyceO
      katherinejoyceO
      October 22, 2021

      Thanks for sharing your concern in this conversation, @Little jo. In your case, we can create a refund receipt to record a returned item or service. 

       

      Here's how: 

       

      1. Click the + New menu, then select Refund receipt or Give refund.
      2. Select the customer you want to refund in the Customer dropdown.
      3. Click the Refund From dropdown arrow, then select the bank you deposited the payment for the invoice to.
      4. Add all products or services the customer returned in the PRODUCT/SERVICE column.
      5. Enter the service date, quantity, rate, amount, tax, and other fields accordingly, then select Save and close.

       

      Once done, use the Resolve Difference when matching the transactions with your bank to fix the discrepancies. Here's how: 

       

      1. Go to the Banking page, then select the For Review tab.
      2. Click the transaction to open it, then select the Find other records or Find match button to open the Match transactions window.
      3. By default, the Match transactions window lists All transactions within the date range, but you can narrow the results.
      4. Click on the Show drop-down menu to specify the type of transaction you're looking for. Ensure that date is correct. 
      5. Locate additional matched transactions if the amounts are different. Or select Resolve Difference to open the Add resolving transactions fields to add the Category and Amount (and, optionally, Payee) of a resolving transaction until the difference equals zero.
      6. If necessary, you can use the Add new transaction button to add multiple resolving transactions.
      7. Click Save.

       

      You can also review your work in the Categorized and Reviewed tabs to confirm everything's entered correctly. 

       

      For future reference, read through this article and learn about matching your QuickBooks transactions with your actual bank statement: Reconcile workflow in QuickBooks.

       

      Feel free to message us again if you have additional concerns about matching your transactions. I'll be there to help. 

       

       

       

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