My Current Account transactions are automatically synced with QBO, and I have a couple transactions that were refunded but I can't figure out how to categorise them. If someone can assist with this please?
Hello, user Kevin Are these customer or supplier refunds? Are those payments already attached to invoices/bills as paid? Also, have you done any supplier/customer credits? We can go through the process with you we just need a bit more information.
Thank you for providing additional info on your concern, @KevinCr.
To record the supplier refund in QuickBooks, you have to create a supplier credit and link it to the expense account you use for this supplier. To start, enter the supplier refund cheque in the Deposits screen:
Select the + New button.
Choose Bank Deposit.
Input the information for the following fields, Received from (supplier's name), Account(Select the Creditors (Accounts Payable)) and Amount (amount of the refund).
Once done, hit Save and close.
Then, link the deposit to the supplier credit:
Click the + New button.
Select Expense or Cheque (Both of themrecognise and record expenses. When you choose Cheque, the transaction will be added to the list of cheques that you can print.)
In the Payee drop-down, select the supplier name.
Leave the Ref/Cheque no., Payment date, Amount, and Memo fields blank.
In the Add to Expense or Add to Cheque section, select Add for the outstanding supplier credit and deposit.
Also, if you need further assistance about recording the supplier refund, I suggest consulting your accountant to ensure the accuracy of your data. If you don't have one, you can utilize our Find an Accountant tool.
For handy articles that will guide you while working with QuickBooks such as for reports and accounting, banking and bank feeds, account management, inventory and projects, etc. Please head to the QBO help articles page at this link.
Feel free to post here again if you have follow-up questions about recording refund transactions in QuickBooks Online. I'm always here to help. Have a good one.
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