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JTF1
January 26, 2021
Solved

Help, need to reverse a transaction in QB online

  • January 26, 2021
  • 1 reply
  • 0 views

 I paid an expense  of £2,730 and then matched the transaction only to discover I had paid it already.  The person paid the money back to my account, but then that has been recorded as income.  It has resulted in there being £2,730 more in quickbooks in the bank and I don't know how to change it.  If I delete the transaction coming in, it still shows the expense going out.  How do I get them to match again?

Best answer by GeorgiaC

Hi JTF1

 

Thanks for getting back to us here, firstly, if you've already added the refund as income from the bank please undo this so that we can then match it once the refund is complete (to undo, go to Banking > Categorised and select 'Undo' against the transaction). After this: 

 

1. Create a supplier credit (+ icon -> supplier credit​)
2. Choose the correct date and supplier, put in the amount, choose VAT
3. Then click on the + icon again, and choose Bank Deposit, to show that the money went into your bank account
4. Choose the correct bank account on the top left corner, choose the date when the money actually hit your account
5. For Received from choose the correct supplier, for the account choose Creditors, put the amount in, choose no VAT
6. Go to the Supplier's page and create a cheque
7. Tick the deposit against the supplier credit and save and close
8. Match the deposit against the transaction on your banking screen

 

Please get back to us below if you have any further queries! 

1 reply

E
EmmaM
January 26, 2021

Hello JTF1, The amount you receive back that has been recorded as income was that a refund from the supplier can we confirm? If so it would be a case of recording the supplier credit and the separate transaction to record the money returned to the bank, but not as income as it is not really business income. Let us know and we can go through the steps here with you.😊

J
JTF1Author
January 27, 2021

Thanks Emma, yes it was refunded as overpaid in error.  I would very much appreciate you going through the steps, thank you!

G
GeorgiaCAnswer
January 27, 2021

Hi JTF1

 

Thanks for getting back to us here, firstly, if you've already added the refund as income from the bank please undo this so that we can then match it once the refund is complete (to undo, go to Banking > Categorised and select 'Undo' against the transaction). After this: 

 

1. Create a supplier credit (+ icon -> supplier credit​)
2. Choose the correct date and supplier, put in the amount, choose VAT
3. Then click on the + icon again, and choose Bank Deposit, to show that the money went into your bank account
4. Choose the correct bank account on the top left corner, choose the date when the money actually hit your account
5. For Received from choose the correct supplier, for the account choose Creditors, put the amount in, choose no VAT
6. Go to the Supplier's page and create a cheque
7. Tick the deposit against the supplier credit and save and close
8. Match the deposit against the transaction on your banking screen

 

Please get back to us below if you have any further queries! 

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