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I am unable to reconcile any transactions where I receive money (from this instance from Worldpay but it could be any merchant service/payment gateway type provider - Shopify, AMEX etc.).
The problem I'm having is that if there's an amount hitting my bank which is made up of 3 payments it's fine. If it's a negative amount and contains refunds then that's usually fine. But when there's money coming into my bank account, but the total contains a refund there's no way of matching. The example below showing the transactions that make up a £715.45 payment into my account:
416.50 GBP
161.50 GBP
-102.00 GBP
128.95 GBP
110.50 GBP
Total: £715.45
The positive value transactions are all there, but the £102 refund is nowhere to be seen.
Things I've tried:
- Refund Receipt (this is what you should be able to do as that's what you're doing, refunding a sales receipt).
- I've tried rather than refund receipt creating a credit note. Then add an expense against the customer as a debtor. After doing this the expense appears on the Match Transactions list. However if you check the box it adds as if it is taking a payment, not refunding. So in my instance, it's a refund for £102 that makes up part of a payment from Worldpay. When I add in the £102 expense in the match list, rather than reducing the difference from £102 to £0, it becomes £204.
- If I then create a payment received the way you'd normally do when clearing a refund the transaction then disappears from the match list and back to square one.
There's got to be a solution to this. It's impossible to reconcile without. This is not an uncommon thing.
Hello there, RyanMalone.
I appreciate you for sharing the steps you've done. I've got you on how you can match the
You can create a Check and enter the £102 as a negative amount on the next line item. From there, you can match the transcations.
Let me guide you with these steps:
Once done, you can now match the transactions. I've added this article as your guide: Categorize transactions.
You can always get back to this thread whenever you have questions. I'm here to help you out.
So would you still refund receipt for the return initially? Or Credit note? The stock level needs to increase as a result of the refund.
We still need to create a refund receipt, RyanMalone.
Doing so helps us track the returned items from your customer. For more details, please see this article: Record a Refund.
Also, make sure the refund receipt is in the same bank where the transaction was downloaded and the total amount is equal.
Then, let's create a check. Here's how:
Once done, we can now match your transactions.
Additionally, I've added an article that'll guide you in keeping your QuickBooks accounts balanced and accurate: Reconcile Workflow.
Please keep us updated if you have additional questions about matching your transactions. We're always here to assist you.
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