Recording/Matching Sales Return with Quickbook Desktop and POS

dhavalkakadiya · ‎September 22, 2021

I use Quickbook Point of Sale and Quickbook Desktop. Both are integrated. All sales are recorded in Quickbook POS and then pushed into Quickbook Desktop from Quickbook POS. Payments are received through Intuit. My regular flow is I see sales receipts in bank feeds and I match it to corresponding sales receipts pushed from Quickbooks Point of Sale (hope all clear until here).

In one of the instance on one of the day, I had a sales return of $5000 (credit memo), and Intuit has deducted the amount from the bank account. When I try to match it in bank feeds, I see only account payable in the list and no CREDIT MEMO.

I believe this credit memo has already gone in my financials and if again 'Write check' here it will be counted twice so it would be necessary to match this transaction.

FYI. When I select 'Make Deposits' in 'Banking' tab, I see the negative amount of $5000 waiting to be matched.

How do I reconcile here? in such a way that the amount gets recorded and three transactions are reconciled and not double counted in the financials.

ShiellaGraceA · ‎September 22, 2021

Hi @dhavalkakadiya,

Thanks for reaching out to us here. Let me share some information about reconciling your credit memo. For you to do it, you'll need to record the refund transaction in QuickBooks first. From there, you can match it in your bank feeds, and will be easy for you to reconcile.

First, choose one of the following on how you handle the credit.

Retain as an available credit. QuickBooks enters a negative amount in your Accounts Receivable (A/R) register for the credit memo. You can use this credit as payment for another transaction. If you chose to retain as available credit, you'll see the available credits in the customer payment window.
Give a refund. You can issue the refund in cash or a check. If your customer used a credit card, learn how to refund a credit card payment.
Apply to an invoice. QuickBooks opens the Apply Credit to Invoices window. Select an invoice you want to apply this credit to.

Next, if you want to apply a credit to an invoice, here's how:

When you create the credit memo, make sure you select Customer: Job. This will open the Apply Credit to Invoice window.
Click the credit you want to apply automatically and then Done.

Please see this article for the steps on the other options: Give your customer a credit or refund in QuickBooks Desktop for Windows.

After that, match your refund transactions with your downloaded transactions. Here are the articles below for your reference.

Drop a reply anytime if you still have questions or concerns with credit memo or reconciliation. I'll be here for you. Take care and have a good one.

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Recording/Matching Sales Return with Quickbook Desktop and POS

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