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H
HBN
January 8, 2025
Question

Customer Refunds in Quick Books Self-Employed

  • January 8, 2025
  • 1 reply
  • 0 views

Hello

 

I'm looking for some help regarding customer refunds in QB self-employed please.

 

I've read some articles that explain what to do with the refund e.g. exclude the transaction and I can do this but what I need to know is; if you refund a customer and exclude the transaction, do you also need to exclude their original payment?  I'm thinking that if you don't, your income will be showing as higher than it actually is?

 

I'm new to being self-employed and don't have any experience of business accounting. I can't get my head around this!

 

Many thanks for any help or information.

1 reply

C
CharleneMaeF
January 8, 2025

Hi, HBN. I'm here to share details about handling customer refunds in QuickBooks Self-Employed (QBSE).

 

In QBSE, you can categorise a customer refund as a personal transaction or exclude it from your records.

 

If you choose to exclude the refund transaction, then yes, you should also consider excluding the original payment. By doing so, your financial records will accurately reflect that no net income was generated from that transaction and avoid increasing your income figures.

 

To exclude the transactions, I'd suggest following these steps:

 

  1. Go Transactions.
  2. Locate the transactions.
  3. Click on the arrow icon to expand the transaction.
  4. Select the Exclude this transaction (this is for duplicates, reimbursements, customer refunds, and returned purchases) checkbox.
  5. Click on Save.

 

Moreover, it is advisable to seek advice from your accountant to ensure your financial record remains accurate.

 

Additionally, I've added an article that'll help you split a transaction by a percentage in QuickBooks Self-Employed. It ensures your record is accurate: Categorise Income and Expenses.

 

You're always welcome to post here anytime you have other questions or concerns about tracking transactions in QBSE. We're always here to assist you. Keep safe!

H
HBNAuthor
January 8, 2025

Thank you very much for your help Charlene.

C
CharleneMaeF
January 8, 2025

You're very welcome, HBN! It was my pleasure to assist you.

 

Please know that here at the QuickBooks Community forum, we're always ready to assist you with any QuickBooks-related questions or concerns. However, in the event that you need to speak with our phone support representative, I'm also adding the steps to schedule a callback.

 

Here's the step-by-step process:

 

  1. Click this link: https://intuit.me/CU.
  2. Select the product and the edition.
  3. Enter a summary of your concern in the What's your question? field.
  4. Click Continue.
  5. Decide how you would like to connect with us.

 

You can also visit our One Intuit Help Hub page: https://intuit.me/OHH. It's designed to provide personalised support when categorising your transactions in the QBSE.

 

This brief video guide will help you navigate the platform and address your questions or concerns: https://intuit.me/OHHvideo.

 

Don't hesitate to reach out if you need anything in the future. Take care!

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