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Barkersfurniturellc
November 25, 2022
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How do i record refunds into my daily sales reciept when using an outside POS

  • November 25, 2022
  • 1 reply
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I use an outside system to manage sales and I followed the steps in this article here to record daily sales. The sales receipt setup works great except for one issue. It does not cover refunds. Can i add a refunds section onto this daily sales receipt? If i give a refund either in cash or card and i do not make enough in the corresponding payment type to have a deposit after accounting for the refund then how do i show a refund being taken from either my Cash on hand account (register) if it was a cash refund or my checking account if it was a card refund? below i will give an example of what I am talking about 

 

Example A) sales cover the amount of the refund given in the corresponding payment type and still have a deposit. there is no issue here. I just record the net sales and net card/cash payment into my daily sales receipt  which account for the refund and i don't have to show a draw from my bank account

 

Gross Sales: 100.00

Gross tax collected: 10.00

Refunds: -55.00

 

Net Sales: 50.00                                   

Net Tax collected: 5.00

Debit card Payment: 110.00

debit card refund: -55.00

Total Deposit: 55.00

 

Example B) refunds given exceed the amount in sales of the corresponding payment type and create a draw from the account and I don't know how to enter that into my daily sales receipt. so it shows a draw and adjust my Cash on hand account (register).

 

Gross Sales: 0.00

gross tax collected: 0.00

refunds: -50.00

 

Net Sales: 0                                

Net Tax collected: 0

cash Payment: 0

cash refund: -50.00

Total cash Deposit: -50.00

Best answer by JonpriL

Hello @Barkersfurniturellc,

 

Recording a refund with daily sales can be done the same way as how the transaction is entered. Yes, you can include the refund as one of the sections of the sales receipt recorded at the time of sale is created.

 

Therefore, let's consider creating a new item and using it for the section of the refund on your daily sales receipt. Kindly read and use the step 3 section of instruction in this article: Record Total Daily Sales in QuickBooks Online.

 

However, I still recommend contacting your accountant for guidance in choosing the account to use for the refund section of your daily sales receipts. Use this link if you haven't found someone you can work with: QuickBooks Certified ProAdvisor.

 

Keep in touch if you need more assistance with this, or if there's something else I can do for you aside from working with your daily sales in QuickBooks. I @JonpriL is always ready to lend a hand.

1 reply

J
JonpriLAnswer
November 25, 2022

Hello @Barkersfurniturellc,

 

Recording a refund with daily sales can be done the same way as how the transaction is entered. Yes, you can include the refund as one of the sections of the sales receipt recorded at the time of sale is created.

 

Therefore, let's consider creating a new item and using it for the section of the refund on your daily sales receipt. Kindly read and use the step 3 section of instruction in this article: Record Total Daily Sales in QuickBooks Online.

 

However, I still recommend contacting your accountant for guidance in choosing the account to use for the refund section of your daily sales receipts. Use this link if you haven't found someone you can work with: QuickBooks Certified ProAdvisor.

 

Keep in touch if you need more assistance with this, or if there's something else I can do for you aside from working with your daily sales in QuickBooks. I @JonpriL is always ready to lend a hand.

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