One refund receipt with multiple tender payment under one document for one invoice

This situation depends on how your customer wants to receive the refund, @xeroaccyr13-gmai.

Here are some things to take note of before proceeding with a credit card refund:

• This type of refund can only go back to the original card in question. You'll need to contact the customer for this info.
• You can refund up to the total amount of the original sale, and not more.
• You can do a refund within 180 days of the sale.

If they need to receive the other half of the refund back to their credit card, you'll have to create 2 refund receipts for the customer. For the credit card refund, follow the steps below:

1. Go to the + New menu, then select Refund receipt.
2. Choose the customer in question under the Customer drop-down menu.
3. Type in the same details from the original sale. 
4. Choose Credit card in the Payment method drop-down menu. 
5. Pick the account where the payment got deposited in the Refund from drop-down menu. 
6. Hit Save and close.

Follow the same steps above for the other half of the refund. The only difference is you'll need to change Step 4 to Cash to complete the refund process.

It's easier if your customer wants to receive a check for the refund since you only need to create one refund receipt. Take a look at this article for more information about refunds: Record a customer refund in QuickBooks Online. 

In case you encounter overpayments in the future, you can keep this article for reference: Handle a customer credit or overpayment in QuickBooks Online. 

Always remember that you can get back here in the Community if you have other questions about QuickBooks Online. I'll be sure to get back to you. Have a great day!

If we create the refund receipt twice then item inventory will be increased unnecessarily with of 2 Quantity whereas the customer has returned only one product, then what to do?

If we create a refund receipt twice then item inventory will be increased , Whereas the customer only returned one product. In this case how to proceed?

Hello there, @xeroaccyr13-gmai.

To avoid a double inventory, we can create a refund receipt first for half of the payment and a journal entry for the other half. You can follow the steps given above to create a refund.

To create a a journal entry:

1. Go to the +New button.

2. Under Other, select Journal entry.

3. Select the account from the Account field. If you need to debit or credit the account, enter the amount in the correct column.

4. On the next line, select the account you're moving the money into.

5. Enter the amount.

6. Fill out the other fields, then select Save and close.

If you wish to see all the data of the customer, you can run the customer reports in QuickBooks Online.

Please know that you can always get back to us if you have other questions. We're always here to help.

Let's take an example where we have sold the item of 1 Quantity & item price is $100 and same paid by customer $50 on cash & $50 via credit card & as suggested above we need to create $50 refund receipt & $50 via expense or check but in that case, our inventory valuation becomes changes from $100 to $50, How to handle the this?  

Thanks for getting back to us, @xeroaccyr13-gmai.

Looks like the things you want won't go through in properly when creating an expense or check within QuickBooks Online. 

You'll need to create a refund receipt first. Then, create a journal entry for the other $50 to post on your Credit Card (CC). Here's how:

1. Go to the +New button.
2. Select Journal entry.
3. On the first line, select an account from the Account field. Depending on if you need to debit or credit the account, enter the amount in the correct column.
4. On the next line, select the other account you're moving money to or from. 
5. Enter the exact amount and all necessary details.
6. Select Save and new or Save and close.

Note: I would suggest reaching out to your accountant to guide you with the correct accounts to debit and credit. Your accountant can also share other ways on how to handle this scenario. If you're looking for an accountant, you can find one by clicking on this link: Find an accountant.

You'll want to check this article for more details: Learn how to record journal entries in QuickBooks Online. 

Know that you can always go back here and post concerns. We'll help you as soon as possible. Take care and stay safe, xeroaccyr13-gmai.