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O
Office-1909
July 24, 2024
Question

Issued refund receipt, account has a negative amount but no balance. What's the issue?

  • July 24, 2024
  • 1 reply
  • 0 views
A customer returned product they didn't need, invoices were paid, they just wanted a refund.  I issued the refund receipt, and all was good there, and mailed the check.  Went to the customer's account and now in the Total section under the "Amount" column it's showing a negative number, nothing under the "Balance" column, and the "Status" is paid.  I have watched over 15 help videos and none of them show/tell you what to do or how to correct the negative number.  Have I missed something or do I need to wait until the customer cashes the check and then match it once it appears in the QBO bank transactions for the negative number to disappear??

Thank you!

1 reply

J
jananthonyL
July 24, 2024

Hi, Office-1909.

Your process is accurate, but I'd gladly provide more clarification. The negative amount in the Amount column is based on the total calculation of all entries recorded under the customer's name.

Nonetheless, it is important to verify the balances in the Summary section to view the customer's open balance and overdue payments.

As for your banking concern, you'll have to match the transactions to the refund receipt to avoid double-posting. I'd gladly show you how:
 

  1. On the Bank Transactions page, select the bank.
  2. Select the check transaction.
  3. Click the Match button to complete the process.
     

For more details about this process, see this article: Match online bank transactions in QuickBooks Online.

I've added an article on creating A/R reports to validate if your transactions are accurate: Run an Accounts Receivable Report.

You can always come back to this post if you have additional concerns or questions. The Community is always ready.

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