Hello JMiss,
Do you run payroll through QuickBooks?
Refunds can be recorded using the following instructions:
1. Create a supplier credit (you will need to create your bank as a supplier). Select the date you received the refund. If you recorded the original expense, reflect this. If not, record this against whatever category you would like. Fill in the amount exclusive of VAT.
2. Create a bank deposit to reflect receiving the money. Select the bank account you received the money to. Fill in the bank in the 'received from' column. Select Creditors as the category. Fill in the full amount (including VAT) and select No VAT as the VAT code.
3. Link the credit and deposit together by creating a cheque. Select the bank in the top box - the credit and deposit will show on the right hand side of the screen, add these both in.
4. You will then be able to match the deposit in banking.
Record the Enterprise refund following the above steps - the amount will just be minus the £50 deposit.
Please let us know if you have any further questions.
Thanks,
Talia
