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M
Meaghan4
August 25, 2020
Question

How do I show a refund, do I need to?

  • August 25, 2020
  • 1 reply
  • 0 views

We run a gym. So I created an invoice for the class. The customer paid us through E-Transfer in December. In April we sent them an etransfer for a partial refund due to shut downs from COVID. How do I record this? My bank account is linked to QB so do I link that etransfer or create something different?

1 reply

PatriciaT
PatriciaT
August 25, 2020

Hi Meaghan4,

 

QuickBooks Online is designed to make it easy for you to run your business. Properly recording your transactions is essential to keep your books accurate. I'll be happy to assist you with this. 

 

To create a customer refund in QuickBooks Online can be done in a few steps.

  1. Select + New.
  2.  Under Customers, select Refund Receipt.
  3. From the Refund method drop-down list, select the customer's credit card type.
  4. Complete the fields on the Refund Receipt, using one product/service item.
  5. Enter the amount of the deposit received in the Amount field.
  6. Select Save and Close.

If you're using the Online banking feature in your account, you have the option to match/link existing transactions in your Quickbooks account with corresponding ones in your For Review tab. This ensures you don't have any duplicates in your books. Here's how to do that. 

  1. Go to the Banking menu and select the blue tile for the account you want to review.
  2. Locate your transaction in the For Review tab and select it to expand the view.
  3. Review the Records found. These transactions are ones you already entered in QuickBooks.
  4. Select the link next to each record to get more details.
  5. When you’re done, select Match.

To learn more about how to match transactions in the system, check out this article: Categorize and match online bank transactions in QuickBooks Online

 

I also encourage you to talk to your accountant to make sure everything is lining up correctly for your business needs. You can invite your accountant as a user in your books by going to the My accountant menu. Alternatively, you can use the Find a Pro Accountant button to access our accountants' list.

 

I hope this helps! Have a great day.

 

 

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