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Ian D
Level 1

how do i categorize a product refund to me in quick books online.

I've had various refunds to my business account from returned products not required or over ordered. how do i categorize these?

5 REPLIES 5
JaeAnnC
QuickBooks Team

how do i categorize a product refund to me in quick books online.

I've come to help, Ian.

 

Let me share the steps on how you can categorise refund transactions accordingly in QuickBooks Online (QBO).

 

If your supplier refund comes through your automated bank feed, you don't have to record it manually in QBO. Simply use the Add feature to add the refund as a deposit and categorise it to the Creditors (Accounts Payable) account.

 

Please see the steps below.

 

  1.  Go to Banking.
  2. Select the For Review tab and click the transaction row to review its type.
  3. From the Category dropdown, select Creditors (Accounts Payable).
  4. If you have VAT turned, choose the VAT amount in the VAT dropdown.
  5. Click Add to move the transaction from the Categorised tab to the In QuickBooks tab.

 

For more information, please refer to the Supplier refund if bill has been paid section in this article: Record a customer refund or supplier refund in QuickBooks Online.

 

Furthermore, you'll want to reconcile your accounts to compare your transactions in QBO with the ones in your bank statement. Doing so ensures that they're balanced and accurate.

 

You can always get back to us if you need further help categorising transactions. We're always available to assist you anytime. Stay safe.

manta ray
Level 2

how do i categorize a product refund to me in quick books online.

I don't think that answer relates to the question asked. I too have the same query. When you purchase a product and then at a later date, receive a refund for that item (eg you've returned it), how should you categorise that refund transaction?  

poppychild
Level 2

how do i categorize a product refund to me in quick books online.

i am wondering the same thing!

poppychild
Level 2

how do i categorize a product refund to me in quick books online.

@Ian D: did you ever figure out how to categorize a refund?

 

thanks!

manta ray
Level 2

how do i categorize a product refund to me in quick books online.

For me I occasionally have refunds from sundry expenses. I file as a Deposit transaction type, and then sundry expenses as the category. 

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