cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Created with Sketch. Join our Small Business Relief Initiative. Support a GoFundMe today.
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?

 
3 Comments
Highlighted
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

Highlighted
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? 

Highlighted
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.

Need to get in touch?

Contact us