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Frequent Explorer **

Matching bank feed which includes a refund

Hi we use the bank feed in QuickBooks Online to match our card transactions. I am trying to match up a record which has come in from the bank feed that includes a refund.

 

This is an example of what has happened:

Customer A has paid for an item £100. The bank feed comes in as £100 and we match this correctly.

Next customer B has paid for an item £250

Next we refund customer A £100

 

In the bank feed there is only 1 record for £150 (our bank/card machine provider has already subtracted the refund amount from the record).

How do we correctly match up this record and show the refund has occurred in Quickbooks?

Solved
Best answer 02-25-2019

Accepted Solutions
QuickBooks Team

Re: Matching bank feed which includes a refund

I've got you covered, mike_coreit.

 

We have just the steps that'll help match these transactions.

 

You'll need to create a credit note for the refund and apply it to the invoice. That way, you'll be able to reduce the open balance of the invoice accordingly so you can match the transactions. The steps below will guide you through the process:

 

Create a Credit Note

  1. Click the Plus (+) icon.
  2. Select Credit Note.
  3. From the Customer drop-down menu, choose the correct customer.
  4. Enter the necessary details in the Service Date, Product/Service, Item/Service Code, Description, QTY, and Rate fields. If it's not quantity based, then you can enter the exact amount in the Amount field instead.
  5. Click Save and close.

Apply credit to the invoice

  1. Click Sales in the left navigation menu.
  2. Go to the Invoices tab.
  3. Look for the invoice then select Receive payment.
  4. Check bot the Invoice and the Credit Note.
  5. Click Save and close.

Once you're done, you can go ahead and match the transactions. It seems like you have a grasp on how to do this, but just in case let me include our detailed guide: Add and match downloaded bank transactions

 

That should do it. With these resources, I'm confident that you'll be able to match them like a pro in no time!

 

Please know that I'm only a post away if there's anything else I can help you with. I'm always here to provide help and answer any questions that you may have. Wishing you and your business all the best.

7 REPLIES 7
QuickBooks Team

Re: Matching bank feed which includes a refund

I've got you covered, mike_coreit.

 

We have just the steps that'll help match these transactions.

 

You'll need to create a credit note for the refund and apply it to the invoice. That way, you'll be able to reduce the open balance of the invoice accordingly so you can match the transactions. The steps below will guide you through the process:

 

Create a Credit Note

  1. Click the Plus (+) icon.
  2. Select Credit Note.
  3. From the Customer drop-down menu, choose the correct customer.
  4. Enter the necessary details in the Service Date, Product/Service, Item/Service Code, Description, QTY, and Rate fields. If it's not quantity based, then you can enter the exact amount in the Amount field instead.
  5. Click Save and close.

Apply credit to the invoice

  1. Click Sales in the left navigation menu.
  2. Go to the Invoices tab.
  3. Look for the invoice then select Receive payment.
  4. Check bot the Invoice and the Credit Note.
  5. Click Save and close.

Once you're done, you can go ahead and match the transactions. It seems like you have a grasp on how to do this, but just in case let me include our detailed guide: Add and match downloaded bank transactions

 

That should do it. With these resources, I'm confident that you'll be able to match them like a pro in no time!

 

Please know that I'm only a post away if there's anything else I can help you with. I'm always here to provide help and answer any questions that you may have. Wishing you and your business all the best.

Frequent Explorer **

Re: Matching bank feed which includes a refund

Hi I have already matched the invoice to the £100 which came in to the bank initially. Is it possible to add payment received to an invoice after the payment has already been matched?

QuickBooks Team

Re: Matching bank feed which includes a refund

Hello mike_coreit,

 

If you go to Banking and click on Reviewed, you can find the transaction, undo the match and then follow the above steps. Once you have done that, you can rematch the transaction.

 

Thanks,

 

Talia

Frequent Explorer **

Re: Matching bank feed which includes a refund

Hi I have done this. Now I am left with £100 and £150 in the bank feed. Is it possible to match these?

QuickBooks Team

Re: Matching bank feed which includes a refund

Hello Mike_Coreit,

 

Yes this should be possible to link these transaction to the same transaction, if you click into the transaction on the bank screen you should be able to select Find Match and you can link them to the Quickbooks transaction this way.

 

Hope this helps.

 

 

Frequent Explorer **

Re: Matching bank feed which includes a refund

Hi I have been able to do this. It was not straightforward to me, perhaps because I am not an accountant. The £100 payment is dated before the invoice date, but since the bank feed is matched I am satisfied.

Thank you

QuickBooks Team

Re: Matching bank feed which includes a refund

Hello mike-coreit,

 

That's great. Of course, that's what we're here for!

 

Let us know if you have any further questions.

 

Thanks,

 

Talia