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SusieMurphy
Level 2

We hired a vehicle, and made a refundable deposit along with paying for the rental. The deposit has now been returned to, how should that be entered in QBO

 
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Best answer March 21, 2023

Accepted Solutions
paul72
Level 8

We hired a vehicle, and made a refundable deposit along with paying for the rental. The deposit has now been returned to, how should that be entered in QBO

Hi @SusieMurphy 

 

If the refund has come back to the original credit card - enter as a Credit Card Credit.

If the refund has been paid into a Bank Account - enter as a Bank Deposit.

 

In either case, enter in the same category/account that you used for the original deposit (so that the two cancel each other out).

 

Hope this helps.

View solution in original post

2 REPLIES 2
Ashleigh1
QuickBooks Team

We hired a vehicle, and made a refundable deposit along with paying for the rental. The deposit has now been returned to, how should that be entered in QBO

Hello SusieMurphy, Thanks for posting on the Community page, we would advise you speak to an accountant on how best to enter this into your account as we are just technical support here. 

 

 

 

paul72
Level 8

We hired a vehicle, and made a refundable deposit along with paying for the rental. The deposit has now been returned to, how should that be entered in QBO

Hi @SusieMurphy 

 

If the refund has come back to the original credit card - enter as a Credit Card Credit.

If the refund has been paid into a Bank Account - enter as a Bank Deposit.

 

In either case, enter in the same category/account that you used for the original deposit (so that the two cancel each other out).

 

Hope this helps.

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