A duplicate refund was accidentally sent to a customer by e-transfer. The duplicate e-transfer was cancelled and the funds were returned to our bank account but now the two e-transfer transactions appear on two different bank statements because the transactions occurred in different months. How do I record these transactions in QBO?
Solved! Go to Solution.
I can help you record the canceled refund sent through e-transfer, C-5.
If you used the Refund Receipt transaction in QBO to refund your customer, I can show you how to record these transactions.
First, create a Refund Receipt for the original refund, and another one for the duplicated refund. Then, match them to the downloaded bank transactions. Here's how:
Next, create a bank deposit for the amount that was returned to your bank account after the refund was canceled. Here's how:
On the other hand, if you used Expense or Check transactions in QBO for refunding your customer, create expense or check transactions for the original and duplicated refunds. In the Category section of the expense or check, select the appropriate sales income account. Then, create a bank deposit same with the steps above choosing the same appropriate sales income account to tie them together.
It would also be best to collaborate with your accountant as you go through with the steps to ensure your books are accurate. In case you still need to look for an accountant, we provide a ProAdvisor service where you can connect with experts. Enter your zip code and browse through the options on the Find My Accountant website. In most of the profiles, they offer a free consultation so they can give you some excellent advice.
To see if everything checks out, you can run a report in QBO to review these transactions.
We're still here to assist you if you have more questions, C-5. Please let us know in the comment section.
I can help you record the canceled refund sent through e-transfer, C-5.
If you used the Refund Receipt transaction in QBO to refund your customer, I can show you how to record these transactions.
First, create a Refund Receipt for the original refund, and another one for the duplicated refund. Then, match them to the downloaded bank transactions. Here's how:
Next, create a bank deposit for the amount that was returned to your bank account after the refund was canceled. Here's how:
On the other hand, if you used Expense or Check transactions in QBO for refunding your customer, create expense or check transactions for the original and duplicated refunds. In the Category section of the expense or check, select the appropriate sales income account. Then, create a bank deposit same with the steps above choosing the same appropriate sales income account to tie them together.
It would also be best to collaborate with your accountant as you go through with the steps to ensure your books are accurate. In case you still need to look for an accountant, we provide a ProAdvisor service where you can connect with experts. Enter your zip code and browse through the options on the Find My Accountant website. In most of the profiles, they offer a free consultation so they can give you some excellent advice.
To see if everything checks out, you can run a report in QBO to review these transactions.
We're still here to assist you if you have more questions, C-5. Please let us know in the comment section.
Thank you so much for your help IrizA!!
I’m glad to hear that, C-5!
On behalf of my colleague, IrizA, you're welcome. It's good to know that the information provided has resolved your concern about properly recording duplicate refund e-transfer transactions in QuickBooks Online.
Furthermore, I recommend bookmarking these helpful resources about balancing your account and resolving reconciliation problems in QBO:
This thread is always open if you have other matters to discuss. If you require help recording other transactions in QBO, get back to us in this conversation by clicking the Reply button. My team and I will always be around to lend you a hand any time you need guidance.
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