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topnotchcarpentr
Level 1

How to record a refund on my credit card

How to record refunds on your credit card for purchases that we returned
Solved
Best answer September 18, 2024

Best Answers
Eman_E
QuickBooks Team

How to record a refund on my credit card

Hello there.

 

Welcome to the community. Let me assist you in recording refunds on your credit card for returned purchases in QuickBooks Online (QBO).

 

Here's how you can do it:

 

  1. Sign in to your QuickBooks Online account.
  2. Click the + New button, then select Credit card credit under the Vendors column.
  3. In the field labeled Payee, select the vendor from whom you received the refund.
  4. In the Bank/Credit account field, choose the credit card account that received the refund.
  5. Next is input the date the refund was processed.
  6. In the Category details section, select the same expense account you used for the original purchase.
  7. Enter the amount of the refund.
  8. Once done click on Save and close.

 

After this, ensure to review your transactions so they match the Credit card credit entered. If they don't match, double-check that the payee (vendor), date, account, and amount are the same.

 

Furthermore, you can visit these articles for future assistance. They contain steps on how to effectively run and customize your reports based on your business preferences:

 

 

The process mentioned above ensures that your accounts are accurately balanced and the refund is properly recorded. If there's anything else you need help don't hesitate to reach out.

View solution in original post

1 Comment 1
Eman_E
QuickBooks Team

How to record a refund on my credit card

Hello there.

 

Welcome to the community. Let me assist you in recording refunds on your credit card for returned purchases in QuickBooks Online (QBO).

 

Here's how you can do it:

 

  1. Sign in to your QuickBooks Online account.
  2. Click the + New button, then select Credit card credit under the Vendors column.
  3. In the field labeled Payee, select the vendor from whom you received the refund.
  4. In the Bank/Credit account field, choose the credit card account that received the refund.
  5. Next is input the date the refund was processed.
  6. In the Category details section, select the same expense account you used for the original purchase.
  7. Enter the amount of the refund.
  8. Once done click on Save and close.

 

After this, ensure to review your transactions so they match the Credit card credit entered. If they don't match, double-check that the payee (vendor), date, account, and amount are the same.

 

Furthermore, you can visit these articles for future assistance. They contain steps on how to effectively run and customize your reports based on your business preferences:

 

 

The process mentioned above ensures that your accounts are accurately balanced and the refund is properly recorded. If there's anything else you need help don't hesitate to reach out.

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