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ElaineR
Level 3

How do i record a bank refund / expense account when purchased item by bank card

need to refund bank account / expense - not using a supplier - paid / refunded by bank card
Solved
Best answer May 13, 2020

Accepted Solutions
ElaineR
Level 3

How do i record a bank refund / expense account when purchased item by bank card

Hi,

 

the solution below was suggested - and worked

 

To do that:

  1. Click on the + New button.
  2. Under Other column, click Bank Deposit.
  3. From the Account box, select the expense account used upon purchasing the equipment.
  4. On the Add funds to this deposit section, choose the Account where the money is coming from.
  5. Enter the Amount.
  6. Press on Save and close.

For more details about managing bank deposits in QBO, please check out this link: Record and make Bank Deposits in QuickBooks Online

 

View solution in original post

9 REPLIES 9
Ashleigh1
QuickBooks Team

How do i record a bank refund / expense account when purchased item by bank card

Hello ElaineR, 

 

What you will need to do is a supplier refund the steps on how to do this is below. 

 


1. Create a supplier credit (+ icon -> supplier credit)
2. Choose the correct date and supplier and expense account, put in the amount, choose VAT, save
3. Then click on the + icon again, and choose Bank Deposit, to show that the money went into your bank account
4. Choose the correct bank account on the top left corner, choose the date when the money actually hit your account
5. For Received from choose the correct supplier, for the account choose Creditors, put the amount in, choose No VAT
6. On the Supplier's page create cheque
7. Add both the deposit and the supplier credit from the right side to link them (this shows QuickBooks, that the supplier credit has been used, and money was received from the supplier), save and close
8. Match the deposit against the transaction on your banking screen

 

If you have any more question let us know. 

ElaineR
Level 3

How do i record a bank refund / expense account when purchased item by bank card

What happens if there is no supplier.  paid by bank card online for travel expenses ( already recorded in previous period) it has now been refunded directly into bank account

 

Ashleigh1
QuickBooks Team

How do i record a bank refund / expense account when purchased item by bank card

Hello ElaineR, 

 

If you have created an expense to show this originally did you not put a payee in top left-hand side of the expense? 

ElaineR
Level 3

How do i record a bank refund / expense account when purchased item by bank card

no payee - just from bank account number & expence account code

Ashleigh1
QuickBooks Team

How do i record a bank refund / expense account when purchased item by bank card

Hello ElaineR,

 

Can you try these steps instead, 

 

1 - "+" > Create a bill for original purchase
2 - "+" > Pay the bill
3 - "+" > Create a supplier credit for amount refunded
4 - "+" > Bank deposit to a Creditors account (creditors) and No VAT
5 - "+" > Cheque > Select Supplier > Add Deposit & Credit> Save And Close

ElaineR
Level 3

How do i record a bank refund / expense account when purchased item by bank card

Hi,

 

the solution below was suggested - and worked

 

To do that:

  1. Click on the + New button.
  2. Under Other column, click Bank Deposit.
  3. From the Account box, select the expense account used upon purchasing the equipment.
  4. On the Add funds to this deposit section, choose the Account where the money is coming from.
  5. Enter the Amount.
  6. Press on Save and close.

For more details about managing bank deposits in QBO, please check out this link: Record and make Bank Deposits in QuickBooks Online

 

Ashleigh1
QuickBooks Team

How do i record a bank refund / expense account when purchased item by bank card

Hello ElaineR, 

 

Glad that the solution has worked for you thanks for sharing.  

Justyna2
Level 1

How do i record a bank refund / expense account when purchased item by bank card

Hi, can I attach the refund receipt to the refund of purchase? 

EmmaM
QuickBooks Team

How do i record a bank refund / expense account when purchased item by bank card

Hello Justyna2. Thanks for joining the thread on the Community. How was the purchase recorded in QuickBooks?Is this a customer refund or a supplier refund?

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