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Level 1

My deposit does not reflect credits and debits

I use authorize.net for credit card transactions. If payments and refunds are recorded on the same day, only the net amount is showing on the bank statement. As an example;

 

$300 paid for registration

$240 refunded for registrations

$60 bank deposit shown

 

Imported bank transaction does not allow me to track refunded registrations. How can I capture this information. I need to be able to report on total registration funds taken and total refunds given. 

I hope this makes sense. I am new to QB.

2 Comments
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Content Leader

My deposit does not reflect credits and debits

Thanks for reaching out, @AZBO.

 

Let me be the first to congratulate you on joining the QuickBooks family. I can help you split up that deposit in a way that will express both total registration funds and total refunds given. To clarify, do you assign these Refunded Registrations as an Expense, or do you just directly reduce your Registration Income account? Either way, the process of splitting the transaction will go as follows:

 

Splitting an imported bank transaction

  1. From QuickBooks Online, navigate to the Banking tab and select the For Review section.
  2. Find the imported Deposit on the list and click it. While the green circle is in the Add bubble, click Split.
  3. Here you'll have two account lines where you can split up the deposit. In the example you provided, the first line will be your Registration Income account for $300.
  4. On the second line, either select the same Income account if you just reduce it for refunds or select the Refund Expense account if you use that. Enter -$240.
  5. Click Save and add.

I'm including a brief video example in which I split a $200 deposit into $300 of income and a $100 expense:

 

 

Check out our guide on entering split transactions to learn more. This method will split the single $60 deposit in a way that reflects both the registrations and the refunds. Please know that I'm always available here should you have any additional questions or concerns. Thanks again, wishing you and your business continued success.

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Level 1

My deposit does not reflect credits and debits

This is just what I needed. Thank you for the quick lesson and the video tutorial. I truly appreciate your help with this MichaelDL.

 

Have a great day!

Randy

AZBO Treasurer

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