I recently made a purchase online, they have charged me £50 too much but will refund it in 3-5 days, how do I process both of them?

Hi angela-highton,

Follow the steps below to record the over-payment and refund from your supplier:

1) Record the purchase using a Bill.

2) Save and select 'Make Payment' - enter the full amount paid including the over-payment. This will leave an un-applied payment of the over-payment amount on the suppliers account.

3) When you receive the refund, create a manual bank deposit in QuickBooks with the details below by going to the + icon > Bank deposit.

On the bank deposit:

- Select the bank account and date the money was refunded

- Scroll to 'Add fund to this deposit' - enter the supplier under 'Received From', choose your Creditors account under 'Account', and enter the amount refunded. Save & close.

4) Go to the suppliers page and click on New transaction > Cheque. Add the unapplied payment and bank deposit to the cheque from the panel on the right. The amount paid should show 0.00 as the amounts contra eachother. Save & close.

The over-payment and refund are now recorded. If you have your banking connected this will now show a match to the deposit :) 

Hi Georgia,

So create a bill for the amount that should have been paid, not what was paid?

Regards

Angela

Hello Angela,

Create a bill for the amount that should have been paid, but record a payment against the bill for the full amount including the overpayment. :)

Let us know if you have any further questions.

Thanks,

Talia