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Issuing a refund in QBSE

What's the best way to issue a refund in QBSE? I know that refunds and credit notes aren't a feature on SE but would issuing an invoice for a minus amount be another way to do it? Thanks for any help. Bridget

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Best answer 09-11-2019

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QuickBooks Team

Re: Issuing a refund in QBSE

Hello WildRosamund

 

If the bank account has pulled in the expense of refunding your customer Yes it would be a case of then categorising the transaction.There is not a refund category though we have included a link in this post which explains the categories and when to use them.There is other business expense,though it will depend if this is an allowable or disallowable business expense if you would use this.If you are unsure it is worth checking with an accountant as we can only give general guidance.

 

Emma

 

3 REPLIES 3
QuickBooks Team

Re: Issuing a refund in QBSE

Hello WildRosamund

 

Thank you for contacting the Community

 

You could certainly create a minus invoice for the customer and send it as proof for the customer that you have refunded them,with the description being refund.

As the invoices section in the Self Employed does not impact the income or expenses for the Self Assessment you would then just need to record in the transactions section the expense of paying the customer back or if you have the bank account connected it would  be a case of adding the transaction in once you have categorised it.

 

Any questions just reply back to this Community post

 

Thanks

 

Emma

Not applicable

Re: Issuing a refund in QBSE

Hi Emma,

 

Thanks for your help. I have my bank account connected so do you mean that I should just categorise the money that leaves my account back to the customer as 'refund' under categories?

 

Thanks,

 

Bridget

QuickBooks Team

Re: Issuing a refund in QBSE

Hello WildRosamund

 

If the bank account has pulled in the expense of refunding your customer Yes it would be a case of then categorising the transaction.There is not a refund category though we have included a link in this post which explains the categories and when to use them.There is other business expense,though it will depend if this is an allowable or disallowable business expense if you would use this.If you are unsure it is worth checking with an accountant as we can only give general guidance.

 

Emma