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aniz-premiuminno
Level 1

Paid deposit of $100 and got refund of $53.09. The charge for service was $46.91 with tax. How do I match these with bank statement?

 
1 Comment 1
Rebecca R
QuickBooks Team

Paid deposit of $100 and got refund of $53.09. The charge for service was $46.91 with tax. How do I match these with bank statement?

Hi there aniz-premiuminno,

 

Accurately recording transactions within QuickBooks Online ensures your books will be balanced, and you'll be thanking yourself when tax season rolls around. The bank feeds are an awesome feature and can make the recording process even more simple. Let me explain how you can best account for these different types of transactions in QBO.

 

With the information you've shared, it sounds like you likely have $100 showing in the Spent column of your bank feed, and $53.09 under Received. One way that you can account for these is by recording the $100 as an expense towards that particular supplier, and the $53.09 as a supplier refund. Once those transactions are recorded you'll be able to match them to the transactions showing in your bank feed. I recommend selecting Tax Inclusive prior to selecting the tax code to ensure that the rates are accurate. Refer to the articles below for steps on how to record those specific types of transactions:

 

 

Another way to account for these transactions is to simply record the $46.91 that you paid for services as an expense from the + New button. Since this amount won't match the transactions in your bank feed, you can simply Exclude them by checking off the box to the left and clicking Exclude. Since the transaction is already recorded in your books, excluding them from the bank feed just means that you'll have to manually select them while doing your monthly reconciliation. 
 

To determine which of these methods is best for your business, I suggest reaching out to an accountant or bookkeeper. If you're already working with one, inviting them to work on your books is easy! Just navigate to the My Accountant tab within QuickBooks Online, and enter their email address. Once they accept the email invite they'll be all set to help you record transactions like these. If you don't have an accountant just yet, you can find yourself a QuickBooks-certified one by using the Find a pro to help button on the same page. Accountants know the best ways to keep your books balanced based on your business. 

 

If the transactions sitting in your bank feed look a little different than what I've described, I'd encourage you to reach out to our support team for additional help. In a few short minutes they'll be able to do a screen share in order to see exactly what you're seeing. From there they can suggest how best to record these amounts in QuickBooks Online. Reach us at 1-855-253-1536 from Monday to Friday from 9 a.m. to 8 p.m. EST

 

Let me know if there's anything else I can help with!

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