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Have Debit Card Refunds from Vendor not be Income on Simple Start Version

Hi, 

 

I currently only use the Online Simple Start Quickbooks becuase I'm a one man shop that does consulting and other small things. 

 

The Scenario is this. Let's say I go to Office Depot and buy some supplied for my small business. I then decide I don't need them and I return them and I get a refund. I use a Business Debit Card (paypal or my own bank) to make these purchases. 

 

Now when I go into quickbooks to add the refund, it marks it as an Income (which I made one called Refunds to keep track of). I read everywhere on how to do a Credit Card Credit and also how to do a Vendor Credit to match up if we have a refund so it doesn't end up on income, but the problem is that my version won't let me do something like that without upgrading, which would put me into a space of features other than that really I don't need.

 

Is there another way with my version that i can actually categorize them as a credit back so they don't show up in all my reports as an income and throw things off? Or will I just have to live with the way it's going to be if I am on the lower account and manually remove that income from my reports when I try to do my info for the end of the year. 

 

Thank you in advance. 

 

1 Comment
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Have Debit Card Refunds from Vendor not be Income on Simple Start Version

Thank you for reaching out to us, kghorbani.

I'd be delighted to help you in tracking your refunds in QuickBooks Online.

 

Since upgrading your QuickBooks Online Simple Start is not an option, you can create a journal entry to transfer amounts from one income or expense account to another.

 

Here's how:

 

  1. Select the Plus icon (+) on the Toolbar.
  2. Under Other, select Journal Entry.
  3. Enter the transaction date in the Journal date field.
  4. On the first distribution line, in the Accounts field, enter any account listed in the Chart of Accounts. Note: If you are not sure which account receives the debit and the credit side of a transaction, consult your accounting professional for guidance.
  5. Enter the transaction amount in the Debits or Credits column. Tip: The first line is typically a Debit. Once you save the transaction, you can find it in the Recent Transactions report to see whether the Debit entry had the desired effect.
  6. Specify a customer, vendor/vendor, or employee associated with the line, if any, in the Name field. Note: QuickBooks Online Plus users – When the Classes and Locations feature is turned on, additional fields for Location and Class appear.
  7. Continue to enter distribution lines until the sum of the Debit column entries equals the sum of the Credit column entries. Note: QuickBooks Online Plus users – When the Classes and Locations feature is turned on, additional fields for Location and Class appear.
  8. Select Save.

However, I'd suggest consulting an accountant to help and guide on which account to debit and credit. Your accountant can provide more expert ways of dealing with this situation.

 

You can check out this article for more details: https://quickbooks.intuit.com/community/Help-Articles/How-to-create-a-journal-entry/td-p/192925.

 

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:

  1. Go to: https://help.quickbooks.intuit.com/en_US/contact.
  2. Choose your QuickBooks Product.
  3. Select your QuickBooks version.
  4. On the Contact Us page, click a topic.
  5. Click on the Get Phone Number button to see the support number.

Keep me posted if you need anything else. Have a great rest of your day!

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