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Level 1

Record deposit and refund to lease a new truck

Hi

I have deposited an amount of $1000 using the business credit card to order a new truck for my business. After few months, the order got canceled and the car dealer returned the deposited amount of $1000 as a cheque which I have deposited in the chequing account.

Now, I'm confused on how to record those 2 transactions. Can anyone help me in this regards?

Thank you very much in advance

2 Comments
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QuickBooks Team

Record deposit and refund to lease a new truck

Hi there,

 

Making sure you're recording your transactions the right way is a good exercise for preventing errors in your books. 

 

I recommend contacting an accounting professional to get more info on how to properly record the PST in your books. If you're not in contact with one, I encourage you to search for one on our website using this link here. Doing this will help prevent any future discrepancies. In case you need to add the tax code in your books, Let me know if you have other questions. I'm here to help.

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Level 1

Record deposit and refund to lease a new truck

This should be a fairly easy thing to do, but since I'm not experienced enough to know how to tackle this I requested someone's help and I'm sure there is someone here who can answer this simple question.