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I am just a dumb physician who has a fairly reasonable background in finance. It seems to me that if I make a purchase on a company credit card at ABC Store (-$50) but then I return that product and receive a credit to the same company credit card (+$50) that I should be able to cancel them out by linking them. Instead it appears I need to create new vendors/accounts, etc....way too much work for a simple return of a product. What am I missing??
I know how you can handle credit card credit and refund in QuickBooks Online, @WJR3.
When you record a vendor or credit card credit in QuickBooks, you can use an existing account or vendor. It's not necessary to create a new one.
If you receive a cash back or a refund for purchases made with your credit card, here's how you can record it to balance your transaction:
On the other hand, follow the steps below if you receive vendor credit. This ensures that the credit is applied to the vendor's expense account.
A vendor credit can be applied to any open or future bill. Here's how to apply the credit when you're ready. Here's how you can do it:
I'm adding these helpful modules on how you can keep track and handle vendor transaction reports in QBO:
You already know where to find me in case you need extra help with managing refunds and credits. You can also include concerns with the software (QuickBooks) itself. I'm always here to back you up. Have a good one and take care!
You would put it the same account. So if you have an account for office supplies there would be an in and out for the same amount going to that account.
Thanks...like I said, I'm just a dumb MD!
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