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Level 1

How do i balance a customer refund that i need to show up in bank matching

A customer was refunded the day after the invoice was raised and receipted in quickbooks

 

therefore the refund is in the next day's banking

 

it is in Tyro as a negative amount and is therefore reducing my banking amount

 

when i go to do matching there is no refund available for the refund.  so my bank matching is out of balance by the value of the refund. I cant post a negative amount in the 'resolve differences' line

 

I have tried to raise a customer refund.  this is posted to the bank and reverses all relevant accounts but it doesnt show up in matching.

 

i tried to raise a customer credit then 'receive a payment' for that credit but 'receive payment see a credit value and cant be a negative amount.

 

tried posting a journal from bank to customer/accounts receivable but the entry turns up in matching but as a p

 

I have searched the community and their suggestions posting to undedposited funds 

 

can anyone suggest a way to finish my matching for the day

 

 

 

thanx

5 Comments
QuickBooks Team

How do i balance a customer refund that i need to show up in bank matching

Hi willea3015, 

 

Thank you for reaching out. The article I have linked here will take you through the steps to record the refund as an Expense and linking this to the Received Payment along with the Invoice

 

This should help you with finalising your Bank Matches. 

 

Please let me know if you have any other questions. 

 

Thanks,

Rebecca 

 

Level 1

How do i balance a customer refund that i need to show up in bank matching

Hi Rebecca

 
thank you for replying
 
I had already searched the help area and had done this
 
However i deleted all i did and re-did it per your instructions and it still didnt work
 
when i go into step 2  link refund to customers credit or overpayment the system pulls up an error message "This clients payment doesnt have an open invoice to go with it"
 
I go into the client and there is a refund amount in his account
I go into the journal the system created for the refund and it has already made a posting to the bank
 
there is still nothing appearing in matching so i am unable to settle the day that was downloaded from the bank as it is too high by the value of the refund.  and i have no way of entering a negative to be captured by the matching.  I cannot enter a negative amount into the 'resolve differences' field
 
What am i missing here?
QuickBooks Team

How do i balance a customer refund that i need to show up in bank matching

Hi willea3015, 

 

Without being able to see the transactions it may be tricky to pinpoint the issue however let's check the below: 

 

  • Is the Expense categorised to Accounts Receivable to reflect the refund amount? 
  • As the Expense is acting as the refund none of the amounts should be entered as a negative. 
  • Once you have the Invoice and Expense, create the Received payment and choose the Customer. 
  • You should see a list of transactions to select. Here you can choose the Invoice and Expense. 
  • Then when you go to match the bank transaction it should allow to to match the incoming amount to the Recieved Payment and the outgoing amount to the Expense. 

If this still does not work please contact the Support Team for further assistance. 

 

Thanks,

Rebecca 

Level 1

How do i balance a customer refund that i need to show up in bank matching

thanks for trying i dont see this working as i dont have an outstanding unpaid invoice balance. 

 

the invoice has already been paid in full in a prior banking day.  i have nothing in accounts receivable to match it to and posting a refund receipt,  per the initial instructions, reverses all prior entries to the invoice and  posts the refund value directly to bank -  there is no option for accounts receivable.  and this bank posting doesnt show up as available in matching

 

any chance anyone else has managed to solve this issue i can see that it has cropped up before but none of those solutions worked for me either

QuickBooks Team

How do i balance a customer refund that i need to show up in bank matching

Thanks for trying that. I would suggest getting in touch with the Support Team as we'll be able to work through this with you via a screenshare. 

 

Thanks, 

Rebecca