Hi ktmbk2021-gmail-, thanks for your post - you can create a new account in your Chart of Accounts to record this. To do this, click the Cog > Chart of Accounts > New and select a liability account from the 'account type' drop-down. Here, you can enter an open balance for the refund amount. Once saved, allocate the refund in your bank for review tab by selecting the same liability account on the category field of the transaction. This will then reduce the liability amount owing in the account back to 0.00.
Please note the VAT control account should not be used as this is for internal use in QuickBooks only.
Thank you for your response Georgina. Can you please explain further -
Once saved, allocate the refund in your "bank for review" tab by selecting the same liability account on the category field of the transaction. Where is "bank for review tab"?
Hello Ktmbk2021-gmail- so you will find the bank for review by clicking the transactions tab on the left hand main navigation bar>banking> for review you will then find the transaction in there to match up.