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daphney
Level 1

There was a fraudulent transaction on my credit card & the bank refunded the amount & I need to know how to apply the refund on Quickbooks?

 
7 Comments
Rustler
Level 15

There was a fraudulent transaction on my credit card & the bank refunded the amount & I need to know how to apply the refund on Quickbooks?

typically you enter the fraudulent charge to an expense account named the for that

 

when you get the bank refund, do a credit card credit, use that same fraudulent expense account as the source account for the credit card credit

NatalieSpears
Level 1

There was a fraudulent transaction on my credit card & the bank refunded the amount & I need to know how to apply the refund on Quickbooks?

If fraudulent charges occurred in December and credits are coming through in January, do I need something for the fiscal year to show I'm expecting the credits the next fiscal year...an A/R situation, perhaps? 

MaryLurleenM
Moderator

There was a fraudulent transaction on my credit card & the bank refunded the amount & I need to know how to apply the refund on Quickbooks?

The expected credit should reflect on your books, NatalieSpears.

 

To do that, you'll want to enter the fraudulent charge to an expense account. Create an expense account with same name for tracking. Make sure the date used in entering the expense transaction is the date when the fraud charge took place.

 

Once you've received the bank refund, enter a credit card credit with the same amount. Select the expense account created as the source account. Select the correct payment date.

  1. Click the + New button on the left pane.
  2. Select Credit card credit under VENDORS.
  3. Enter necessary information, click Save and new.

Check this article for future reference: Prevent credit card fraud.

 

Let me know if you have additional questions, I'll be right here to help.

glangley82
Level 1

There was a fraudulent transaction on my credit card & the bank refunded the amount & I need to know how to apply the refund on Quickbooks?

So do i need to create a seperate vendor and then enter in that refund to it?

MirriamM
Moderator

There was a fraudulent transaction on my credit card & the bank refunded the amount & I need to know how to apply the refund on Quickbooks?

Welcome to the thread, @glangley82.

 

There's no need for you to create a vendor. You'll need to use the same to make sure the credits hit on the vendor's account. 

 

To record the refund, you can follow the steps provided by my colleague MaryLurleenM.

 

See also this article which you may find helpful in the future:

Know that I'm always here to help if you have other concerns. Just leave a comment below. Have a great day!

 

 

 

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**Mark the post that answers your question by clicking on "Accept as solution".

Agena
New Member

There was a fraudulent transaction on my credit card & the bank refunded the amount & I need to know how to apply the refund on Quickbooks?

How can I go about it if its my Debit card? I created a "fraud expense" account. How do I book the credit from the bank if its within my checking account? Currently I use "write check" to account for all transactions using my debit card. Please advise.

KennethA_
QuickBooks Team

There was a fraudulent transaction on my credit card & the bank refunded the amount & I need to know how to apply the refund on Quickbooks?

Thank you for reaching out to us, @Agena.

 

I'll be glad to help you with your refund concern.

 

To make deposits.

Here's how:

  1. Choose New.
  2. Click Bank Deposit.
  3. In the Account  select the account you want to put the money into.
  4. Select the checkbox for each transaction you want to combine.
  5. Selected transactions should match the deposit slip. Use your deposit slip as a reference.
  6. Click Save and close or Save and new.

You can also check how to Connect bank and credit card accounts to QuickBooks Online for more information about invoices.

 

We're always here in the Community to help if you have other questions related to QuickBooks. Stay safe!

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