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Level 1

Interac e-transfer payment and refund

I am trying to record banking transactions. I accept payment via e-transfer and am refunding a payment. What would this transaction look like when I go to add it to Quickbooks?

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Anonymous
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Interac e-transfer payment and refund

Hi Kim, can I ask if the invoice you're accepting payment for will revert being outstanding or is the sale being cancelled?
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Level 1

Interac e-transfer payment and refund

The sale is being cancelled altogether.
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Anonymous
Not applicable

Interac e-transfer payment and refund

Thanks, Kim. I should have asked what version of QB you were using - I'm going to assume it's QB Online for this answer. If it's not, I can give you a solution for desktop. In QBO, go to the + icon in the top right hand corner. Choose Refund Receipt under the Customer column. Choose the customer name, the date of the refund and which account you'll be refunding it from. Select the income account the original sale went through and don't forget to use GST/HST to reverse the tax collected as well. This should now match the amount refunded in your bank feed. Hope that helps.