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Hello Alfonso
Yes if you add to undeposited funds it will not match because by putting a transaction in that section you are saying it has not physically been banked yet and therefore you cannot match it in banking as it only sees matches from banked transactions.If you go to the + symbol in the top right >bank deposit you will see any transactions you have sent to undeposited funds and you can allocate them to a bank account in there by ticking the transaction and from account in the top left selecting a bank account and then saving.
You mentioned that you could not select the bank account in taxes when recording the refund,do you have your bank account set up as a cash at bank and hand account type in the chart of accounts?
Emma
Hello amit,
Thank you for contacting community.
To record either a payment or refund regarding your VAT from HMRC please follow the below steps:
1. Log into QuickBooks Online.
2. Go to the Taxes section on your left hand navigation bar.
3. For the period you are wanting to record the payment / refund you will have a drop down arrow on the same line but the far right hand side under the Action column.
4. Click this an either select Record Payment or Record Refund.
5. Fill in the information, date, bank and amount and save.
If you have our bank connected to QuickBooks you can then match the transaction from your For Review section to the payment/ refund you created in the steps above.
Let me know if you have any queries. Or, if you'd like to go through this over the phone, you can call our dedicated team who will be happy to assist you. Our contact details can be found here along with our opening hours.
Hi!
When I do that, my bank doesn't appear in the list and if I save it as Undeposited Funds i can't match it in Banking...
Am I doing something wrong?
Hello there, AlfonsoCalabia.
Let's make sure your bank is connect with QuickBooks Online (QBO).
All the banks that are connected with QBO can be seen on your Banking page.
If it's not there, you'll need to connect it with QBO. I'd be glad to show you how.
Should you need reference about the process of connecting your bank, here's an article for you: Connect your bank account in QBO.
If the bank is already connected but still unable to see it in the list when trying to record a refund, then we can try some basic browser troubleshooting steps to isolate this issue.
First, we'll want to use a private browser or incognito when recording a refund. If doing this works, I suggest clearing the cache of your regular web browsers to eliminate unnecessary stored data that's causing this unexpected behavior. Otherwise, try using other supported browser.
If you continue experiencing the same thing, I recommend you get in touch with our QuickBooks Care Support for further investigation.
Here's how you can reach them:
Let me know if you have other questions. I'm always here to help.
Hi Charies,
Thanks for your answer.
- I have my bank properly connected and I can see the refund in my downloaded transactions.
- I Record the Refund in the VAT tab, but in the tab to introduce the Bank account, my bank doesn't appear in the list, so I select "Undeposited Funds". Maybe this is the step I do wrong? Because when I go back to banking, the item doesn't appear when i try to "Find a Match"
Many thanks
Alfonso
Hello Alfonso
Yes if you add to undeposited funds it will not match because by putting a transaction in that section you are saying it has not physically been banked yet and therefore you cannot match it in banking as it only sees matches from banked transactions.If you go to the + symbol in the top right >bank deposit you will see any transactions you have sent to undeposited funds and you can allocate them to a bank account in there by ticking the transaction and from account in the top left selecting a bank account and then saving.
You mentioned that you could not select the bank account in taxes when recording the refund,do you have your bank account set up as a cash at bank and hand account type in the chart of accounts?
Emma
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