I can provide more information about recoding refunds in QuickBooks Self-Employed (QBSE), steves-home-gard.
The option to track refunds is currently unavailable in QBSE. This is because refund transactions aren't included in the Schedule C category. As a workaround, you can either record it as personal or exclude the transaction from the software.
Here's how:
- Click the Transactions menu, then Add transaction.
- Enter the transaction in the box and the amount.
- Select Personal and choose the appropriate category. If you're unsure of what category to use, I'd recommend reaching out to your accountant for more guidance.
- Once done, hit Save.
If your bank account is linked, the alternative option is to exclude it. Because you haven't received or spent any money from your account. I'll show you how to do it.
- Click the Transaction menu, locate the credit you're working on.
- Select the right arrow under the ACTION column.
- Tick the Exclude this transaction(this is for duplicates, reimbursements, customer refunds, and returned purchases) box.
- Once done, hit Save.
Also, check out the following articles below if you need help on self-employed taxes
I'm just a post away if you have any follow-up questions or other QuickBooks concerns. You can click the Reply button and I'll get back to you as soon as possible. Stay safe.