I'm having a horrible time recording refunds in QuickBooks for Mac. First, I learned that simply clicking the "create refund" to issue a "check" wasn't enough, because my Accounts Receivable was getting overloaded. So I had to use Payments to attach the "check" to the Credit Memos. Okay. That works fine for "check" payments like PayPal. But what about credit card payments? Here's the process so far. Customer pays for something on my site.The payment is processed by Stripe.I use "Create Sales Receipt" to enter the sale information and "Group with undeposited funds."Every Friday, Stripe deposits the latest payments (minus a couple days) into my bank account.I use "Record Deposits" and select all the payments Stripe has deposited, and I enter the adjusted deposit amount so the difference is categorized for merchant fees.Next week, I issue Customer a refund.I create a "Credit Memo" for Customer.Because I have Stripe deposit payouts only once a week, I usually a large enough balance to cover the rare refunds. So instead of Stripe's withdrawing that refund from my bank account, they simply deduct it from the next payout. So now what? How do I properly record that in QB for Mac? I can't use the check feature because the refund is coming from undeposited funds (my Stripe account), not from PayPal or my bank account. If I try to use "Payments" and apply the existing credits, the "Payment" disappears after I save it. So what am I supposed to do? I read https://quickbooks.intuit.com/learn-support/en-us/customer-refunds-and-credits/void-or-refund-credit-card-payments-in-quickbooks-desktop/00/201607, but that shows things that clearly don't apply to QuickBooks Desktop for Mac. Thanks in advance!

Hi there, danieljlewis. I'm glad to have you here and help you out with your query. It's a big help that you've provided enough details of your concern. Let me share some information on how we can record the credit card refunds in QuickBooks for Mac. We don't need to use Payments to attach the check to the credit memos. What we'll have to do is create a credit memo then write the refund check. I see you're unable to use the check since the refund is coming from undeposited funds. It's created by QuickBooks to hold funds until you are ready to deposit them in the right bank. The first thing we'll have to do is deposit the transactions from undeposited funds to your bank account. Let's change the Deposited To account from Undeposited account. Make sure to enter the name of the bank account where you would like QuickBooks to deposit the transaction. Afterward, we can follow the steps below to continue the process: Create a credit memo:Go to Customers and select Create Credit Memos/Refund.Enter the details needed for the refund.I would recommend reviewing everything one more time to make sure it's all properly entered.Once done, click Save. Write a refund check:Open the credit memo you would like to use for the refund.At the menu, click the Refund icon.Review the details if it's all accurate.In the account details area, make sure to use Account Receivable.Then, Save. Link the check to the payment:Go to the Customers menu.Click Receive Payments.Make sure to select the right customer. At the bottom section of the window, you'll see the amount of the credit in the Existing Credits field and the refund check. Then, hit Apply Existing Credits?Enter the amount in the Payment column.Then, Save. For additional information, you can check this article: QuickBooks Desktop Mac 2020 User’s Guide. This article contains a lot of information. If you would like to explore a particular topic, I would suggest pressing CTRL+F and enter the keyword to find it easily. Let me know if you require additional information about it. I'll be here to guide you further. Stay safe and take care!

D

danieljlewis

Question

Recording credit card refunds in QuickBooks for Mac?

Forum|Forum|6 years ago
May 30, 2020
9 replies
25 views

I'm having a horrible time recording refunds in QuickBooks for Mac.

First, I learned that simply clicking the "create refund" to issue a "check" wasn't enough, because my Accounts Receivable was getting overloaded. So I had to use Payments to attach the "check" to the Credit Memos.

Okay. That works fine for "check" payments like PayPal. But what about credit card payments?

Here's the process so far.

Customer pays for something on my site.
The payment is processed by Stripe.
I use "Create Sales Receipt" to enter the sale information and "Group with undeposited funds."
Every Friday, Stripe deposits the latest payments (minus a couple days) into my bank account.
I use "Record Deposits" and select all the payments Stripe has deposited, and I enter the adjusted deposit amount so the difference is categorized for merchant fees.
Next week, I issue Customer a refund.
I create a "Credit Memo" for Customer.

Because I have Stripe deposit payouts only once a week, I usually a large enough balance to cover the rare refunds. So instead of Stripe's withdrawing that refund from my bank account, they simply deduct it from the next payout.

So now what? How do I properly record that in QB for Mac?

I can't use the check feature because the refund is coming from undeposited funds (my Stripe account), not from PayPal or my bank account.

If I try to use "Payments" and apply the existing credits, the "Payment" disappears after I save it.

So what am I supposed to do?

I read https://quickbooks.intuit.com/learn-support/en-us/customer-refunds-and-credits/void-or-refund-credit-card-payments-in-quickbooks-desktop/00/201607, but that shows things that clearly don't apply to QuickBooks Desktop for Mac.

Thanks in advance!

QuickBooks Desktop for Mac

S

SarahannC

Level 9

Hi there, danieljlewis.

I'm glad to have you here and help you out with your query. It's a big help that you've provided enough details of your concern. Let me share some information on how we can record the credit card refunds in QuickBooks for Mac.

We don't need to use Payments to attach the check to the credit memos. What we'll have to do is create a credit memo then write the refund check. I see you're unable to use the check since the refund is coming from undeposited funds. It's created by QuickBooks to hold funds until you are ready to deposit them in the right bank.

The first thing we'll have to do is deposit the transactions from undeposited funds to your bank account. Let's change the Deposited To account from Undeposited account. Make sure to enter the name of the bank account where you would like QuickBooks to deposit the transaction. Afterward, we can follow the steps below to continue the process:

Create a credit memo:

Go to Customers and select Create Credit Memos/Refund.
Enter the details needed for the refund.
I would recommend reviewing everything one more time to make sure it's all properly entered.
Once done, click Save.

Write a refund check:

Open the credit memo you would like to use for the refund.
At the menu, click the Refund icon.
Review the details if it's all accurate.
In the account details area, make sure to use Account Receivable.
Then, Save.

Link the check to the payment:

Go to the Customers menu.
Click Receive Payments.
Make sure to select the right customer. At the bottom section of the window, you'll see the amount of the credit in the Existing Credits field and the refund check. Then, hit Apply Existing Credits?
Enter the amount in the Payment column.
Then, Save.

For additional information, you can check this article: QuickBooks Desktop Mac 2020 User’s Guide. This article contains a lot of information. If you would like to explore a particular topic, I would suggest pressing CTRL+F and enter the keyword to find it easily.

Let me know if you require additional information about it. I'll be here to guide you further. Stay safe and take care!

D

danieljlewisAuthor

"The first thing we'll have to do is deposit the transactions from undeposited funds to your bank account. Let's change the Deposited To account from Undeposited account. Make sure to enter the name of the bank account where you would like QuickBooks to deposit the transaction."

I'm sorry, that won't work. The funds are not being deposited into any bank account because they're sitting in Stripe waiting for the next weekly deposit.

But even if the funds I refund were deposited, creating a "check" from that account will make my records inaccurate since the refund is coming from the undeposited funds, not from my bank account.

R

Ryan_M

Moderator

Hi @danieljlewis,

I appreciate your prompt reply. Allow me to join in this conversation and take care of your query.

As @SarahannC mentioned above, the Undeposited Funds account isn't available as an option for a refund check. You can follow the steps she provided, then create a deposit to the bank account where the refund came from. This way, it will offset the refund amount you sent to your customer, as well as keep your bank balance accurate.

You can keep this article for reference on the refund process: Record a credit memo or refund in QuickBooks Desktop for Mac.

As for entering a refund for vendors, check out this article: Record a vendor refund in QuickBooks Desktop. You'll find 5 different scenarios, along with their respective steps.

Do you need further assistance? Place a comment below, and I'll get back to you.

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