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postmambo
postmambo
Not applicable
posted
‎07-01-2019 02:32 PM
last updated ‎July 01, 2019 2:32 PM

customer refunds

I run a travel company. I recently had to cancel a trip, and am refunding customers' money. As a goodwill gesture, I'm also refunding some of the associated expenses they incurred, taking a loss in doing so. So, concrete example: I'm refunding  a $1,000 deposit that I received, but I'm also refunding $214 of my customer's incurred expenses that I never received. I have an invoice marked "refunded" issued for the $1,000. But how do I account for the $214, which I never issued an invoice for or received but am "refunding"?

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Best answer 07-01-2019
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juVielL
QuickBooks Team
‎07-01-2019 05:00 PM

Re: customer refunds

You're at the right track, @postmambo.

 

Let's create an expense transaction to track the $214.00 reimbursements that you've provided to your customer. 

 

 Here's how:

  1. Go to the Banking menu.
  2. Choose Write Checks.
  3. Enter the name of the Customer in the Pay To The Order of field.
  4. Click the Expenses tab.
  5. In the Account column, select the expense account associated with refunds and reimbursements.
  6. Enter the Reimbursement Amount.
  7. Click Save and Close.  

You can refer to this article for more detailed information: Record a credit memo or refund in QuickBooks Desktop. 

 

Also, I'd recommend consulting with an Accountant so you'll be guided properly in choosing the right expense account to associate with this type of transactions.

 

On the other hand, to learn more about the different transaction workflows in QuickBooks you may check these articles:

Don't hesitate to swing by here in the Community if you have other questions. I'm just a few clicks away.

Reply
1 Comment
juVielL
QuickBooks Team
‎07-01-2019 05:00 PM

Re: customer refunds

You're at the right track, @postmambo.

 

Let's create an expense transaction to track the $214.00 reimbursements that you've provided to your customer. 

 

 Here's how:

  1. Go to the Banking menu.
  2. Choose Write Checks.
  3. Enter the name of the Customer in the Pay To The Order of field.
  4. Click the Expenses tab.
  5. In the Account column, select the expense account associated with refunds and reimbursements.
  6. Enter the Reimbursement Amount.
  7. Click Save and Close.  

You can refer to this article for more detailed information: Record a credit memo or refund in QuickBooks Desktop. 

 

Also, I'd recommend consulting with an Accountant so you'll be guided properly in choosing the right expense account to associate with this type of transactions.

 

On the other hand, to learn more about the different transaction workflows in QuickBooks you may check these articles:

Don't hesitate to swing by here in the Community if you have other questions. I'm just a few clicks away.

Reply
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