I'm here to ensure you can match your bank transactions and the recorded refund, Julian.
Currently, the refund and payment method option will not show when you open your transaction in the bank register.
Once you've recorded the VAT refund in the tax section, you can match the transaction when you go to the bank register. There are instances wherein transactions can't find their match from existing records.
Here are some of the possible reasons:
- Dates don't match or are not close.
- The bank account on the payment is not the same as the bank where the match is located (Or the connected bank account is set up as a credit card)
- The amounts don't match, or the payment has been reconciled.
- Multicurrency issues with exchange rates
- It has already been matched to something else.
It's essential to review the recorded refund. If no match is found we can manually locate a suitable match by selecting the Find Match section.
Here's how:
- Hover to the Bank Transactions menu, then select the bank account.
- In the For Review tab, click the transaction.
- Tick Find Match, and select the transaction to match.
- Hit Save.
In addition, I recommend consulting your accountant for additional advice about recording and allocating a VAT refund.
Moreover, you can reconcile your QuickBooks account after categorising and matching the transaction. It guarantees that all your financial records are precise and any inconsistencies are resolved.
Suppose you need assistance with your bank transactions and VAT refund comment down below. I'm always here to back you up.
