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How to record a customer product exhange with refund

I had a customer purchase an item with a credit card, which we normally record with a sales receipt.  They decided they wanted something different, so we processed a product exchange in our external point of sale (not quickbooks), which resulted in a refund of $3.00 back on the customers credit card for the price difference.  How should I record these two transactions in quickbooks online?

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Best answer May 09, 2020

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QuickBooks Team

How to record a customer product exhange with refund

Hi there, backsidefabrics.

 

After creating a refund receipt for $3.00, you can edit the existing sales receipt. Then, replace the product or items with the replacement. 

 

However, doing that will not indicate what was previously sold. You'll want to indicate it in the Memo field that you made some changes in the transaction.

 

I'd also recommend reaching out to your accountant for further advice on how you can record these transactions. 

 

Please continue to add a reply below if you need anything else. 

 

 

 

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QuickBooks Team

How to record a customer product exhange with refund

Hi backsidefabrics. The easiest way to handle this would be to write a refund receipt and then issue a new sales receipt for the price of the new product sold. Here's a quick video guide on issuing a refund receipt.

 

After you've entered the refund receipt, it's as simple as writing a new sales receipt for the price of the product they exchanged for. 

 

If you need anything else, the reply button is a click away. I'll be happy to further assist. 

 

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

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Level 1

How to record a customer product exhange with refund

Thanks for your reply.  If I do that, it won't reconcile correctly with my merchant statement as I only issued credit for the the price difference between the two products; not the full cost of the product as would show if I followed your instructions.  Any other suggestions?

Highlighted
QuickBooks Team

How to record a customer product exhange with refund

Hi there, backsidefabrics.

 

After creating a refund receipt for $3.00, you can edit the existing sales receipt. Then, replace the product or items with the replacement. 

 

However, doing that will not indicate what was previously sold. You'll want to indicate it in the Memo field that you made some changes in the transaction.

 

I'd also recommend reaching out to your accountant for further advice on how you can record these transactions. 

 

Please continue to add a reply below if you need anything else. 

 

 

 

**Say "Thanks" by clicking the thumb icon in a post

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

View solution in original post

Highlighted
Level 1

How to record a customer product exhange with refund

Got it!  Thank you!

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