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funproductssa
Level 1

Hi, a supplier has overcharged me and debit my bank account. The amount was subsequently refunded when the error rectified. How to reconcile both transactions?

 
1 Comment 1
Adrian_A
Moderator

Hi, a supplier has overcharged me and debit my bank account. The amount was subsequently refunded when the error rectified. How to reconcile both transactions?

We'll have to record the refund, funproductssa.

 

This way, we can link the transaction and the refund you received. Then, we're good to reconcile the account. Let me guide you with these steps:

 

First, we'll have to create a bank deposit to record the refund:

 

  1. From the + New button, select Bank deposit.
  2. Select an Account to which we've received the refund.
  3. In the RECEIVED FROM column, select the supplier's name.
  4. Select an ACCOUNT.
  5. Enter the AMOUNT.
  6. Click Save and close.

 

Then, let's create a bill payment to link the refund:

  1. At the top menu, click Create menu (+) and select Pay Bills.
  2. Click the Filter button, and choose the supplier in the Payee field.
  3. Click Apply.
  4. Put a checkmark on the transaction with the refund amount.
  5. The amounts in the Credit Applied the Open Balance fields should be the same.
  6. The amount in the Payment field should be zero (0).
  7. Click Save and close.

 

Once done, you can now reconcile the account. Feel free to read this article for more details: Reconcile an account in QuickBooks Online.

 

I'm just a post-away if there's anything that I can help. Keep safe!