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SueTy
Level 3

Expenses

Hi,

 

I'm new to Quickbooks. We have a Wells Fargo checking account linked to Quickbooks online, and are currently doing a lot of credit card refunds for a conference that was cancelled. I see the credit card refunds reflected in my Wells Fargo banking statement (we refunded with the debit card linked to the checking account). In Quickbooks, they're showing up under Expenses, and from what I've read, that's exactly as it should be.

My question: When I located, type in details, and save the credit card expense in Quickbooks, I keep expecting Quickbooks to then show that this expense has been deducted from my checking account total in Quickbooks. But that isn't changing, and I don't understand. Basically, my question is: how do I get the expenses to deduct from my checking account balance in Quickbooks? 

Can someone help, please? Thank you!!

 

6 Comments
GlinetteC
Moderator

Expenses

Good to see you here, SueTy.

 

I appreciate the detailed information you've provided. I'd be glad to help on how these expenses are deducted from your checking account. We'll have to record a credit card refund on QuickBooks Online side. Entering a credit card refund in QBO only requires a couple of steps. 

 

To refund a credit card payment on a sales receipt:

 

  1. From the Sales tab, select All sales.
  2. Open the sales receipt you want to refund the payment for.
  3. Select More.
  4. Select Refund.
  5. Select Yes, refund my customer.

To learn more about processing a refund in QBO, you can check out this article that contains ways on how to give refunds depending on how you process your customer's payment: Refund a credit card payment in QuickBooks Online

 

If you need help with reconciling your account, here's a perfect link for you on how to reconcile an account in QBO.

 

Let me know if there's anything else I can do to help.

SueTy
Level 3

Expenses

Thank you so much for your speedy response to my question -- I really appreciate it! I think I didn't express my question very well, though -- I'm new at this, and lack the vocabulary to say what the problem is. But here goes:

 

I've been refunding credit cards, and these have been showing up in Quickbooks Online under Expenses. I haven't had to add them; they've just appeared there, presumably as part of my bank feed from Wells Fargo. But how do I get Quickbooks to deduct the payment amounts from these credit card refunds from my checking account total?

 

So far, in Quickbooks, I've been clicking on the Banking link to match and add withdrawals and deposits to Quickbooks. But how to get Quickbooks to understand that what's come in under Expenses also needs to be accounted for as debits to my checking account is unclear to me. Or is this what reconciliation is actually about? :)

 

Thanks again for your time!

GraceC
QuickBooks Team

Expenses

Hello there, @SueTy.

 

You'll want to set them up as a vendor to create an individual vendor profile.

 

Here's how:

  1. Select Expenses on the left menu and go to the Vendor tab.
  2. Click the New vendor button and set up the profile.
  3. Click Save.

In the meantime, you can record the reimbursements as Expense or Bill:

  1. Click the Create menu (+) at the top and select Expense or Bill.
  2. Enter your reimbursement details.
  3. Click Save and close.

If you use Bill, you still need to create a bill payment:

  1. Open the bill and click the Make payment button.
  2. Make sure you choose the correct Bank account.
  3. Mark the bill you want to pay under Outstanding Transactions.
  4. Ensure the AMOUNT PAID is correct.
  5. Click Save and close.

You might want to check out this article on how to your pay pays online: What is Online Bill Pay?.

 

I'd also recommend reaching out to your accountant when recording your team's expenses. They might have a better way of doing this. 

 

After recording your team's expenses, you can already reconcile the account.

 

 I'll be on the lookout for your reply and to further assisting you if you have other questions. Wishing you and your business continued success. 

SueTy
Level 3

Expenses

I so appreciate your help! I'll try this out over the next couple of days and will be back in touch if things aren't working out.

 

You all have been great, though -- so fast and helpful!

Just_me
Level 8

Expenses

@GraceC , I don't think that is correct.  

She has already accepted payment from these people, that seem to be CUSTOMERS, already.  

She is just needing to refund what they have already paid.  

SueTy
Level 3

Expenses

Shalene, thank you for the clarification! And actually, I don't even need to do the refund (I've already refunded them through authorize.net). I just need to find a way to have Quickbooks match the deductions I'm seeing in my Wells Fargo bank statement, which is showing these debits.

 

I see all these refunds reflected in Expenses, but the balance reflected in Quickbooks isn't understanding the deductions that Wells Fargo is acknowledging. That's where I'm thinking that reconciliation probably should come in?

 

 

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