How do i enter a deposit refund minus the fees paid for a rental in a single payment ?

Gaeb1995 · ‎October 31, 2023

I have a camera supplier that asks for a deposit (example 1500$) for a rental, and then when we return the rental they give us back the deposit minus the fees of the rental (example 1350$ if the rental cost was 150$). This creates two transactions on QuickBooks, one where we're paying 1500$ and one where we have 1350$ back. How can I enter this transaction in quickbooks in a way that will make sense fiscally since paying 15% taxes on 150$ is different than paying taxes on 1500$ and then charging the taxes on 1350$. Many thanks !

JamesM4 · ‎October 31, 2023

Hello Gaeb1995,

It's great to have you join the QuickBooks Community. Rest assured, I'll be happy to point you in the right direction so you can enter a deposit refund with ease using QuickBooks.

In order to accurately record your transactions, I highly recommend consulting an accounting specialist for expert suggestions. This ensures your books remain accurate while you continue to manage your work with peace of mind. You can also get in touch with a professional using this link here. Other accounting professionals are able to see this post in the Community and this will allow them to chime in. In the meantime, I encourage you to check out the following article that shows you how to: Enter supplier credits and refunds in QuickBooks Online.

Let me know if this info helps. I'm here to steer you in the right direction.

Topics

Training

Community

Resources

How do i enter a deposit refund minus the fees paid for a rental in a single payment ?

How do i enter a deposit refund minus the fees paid for a rental in a single payment ?

Need to get in touch?