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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"?
Solved! Go to Solution.
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:
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.
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:
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.
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