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I've tried several different ways to refund sale receipt & it not balancing out how i want it so it shows i have a -0.30 loss to the transaction for the refund. Ebay themself only refund the 2.9% of the transaction while they collect the 0.30 of the transaction. it also shows on OBO paypal feed that the refund is paid all by me within 1 transaction including sales tax, then I get a separate transaction refund of the 2.9% & another transaction refund of the ebay sale tax collected by them. Please help with how to record this so P/L shows properly that i lost 0.30
Good day, mikelu9661. I'm here to assist you in recording the refund.
You can record the refund using refund receipt. Simply go to the + New button and select Refund receipt. I have an article here for your reference: Record a customer refund in QuickBooks Online.
Then, we can record the 0.30 as an expense. That way, it'll be recorded as money out and will be deducted into your account's balance.
After recording them, you can go to your register and review the transactions. From the Accounting tab, select Chart of Accounts.
I'll be right here if you need more assistance. Have a great day!
That seems to work, The refund receipt will match with the refunded transaction with the paypal feed which is perfect and that will bring the P/L sheet back to the original status where then the 0.30 expense will expense our loss for this sale. But the only problem left hanging is that there's 2 transaction of the credit left that we didn't handle & not sure how to since the math is done. I've attached screenshot of QBO transaction view of the 3 transaction, within OBO screenshot it shows Gross Refund (Within my funding) of $24.12 which the refund receipt clears out, but the 2 hanging is the $0.70 paypal fee refund, & the $2.09 ebay tax refund to cover the portion I paid upfront, Basically I only netted/collected $21.03 but paid $3.09 out to cover buyer full amount $24.12 first to the buyer then paypal fee/ebay sale tax reversed $2.79 back of the $3.09 they took end up with my $0.30 loss.
Thanks for your prompt response, @mikelu9661.
You can exclude the $24.12 since you already cleared the refund receipt. There it would end up $0.30 loss.
Let me show you how:
You can refer to this article on how to exclude transactions including duplicate transactions: Match and categorize bank transactions in QuickBooks Online.
I'll add this article as your reference on how to use bank rules to automatically categorize transactions from your bank: How to set and use banking rules for downloaded transactions.
Please feel free to leave a message if you have further questions. I'd be happy to help. Take care!
Do you mean to exclude the refunded $1.26 sales tax & $0.70 credited back to us since those are the 2 transaction that I wasn't sure how to deal with? because the $24.12 is going to matched with the refund receipt if I'm not mistaken since its a debit.
Yes, that is correct, mikelu9661.
You'll have to exclude those transactions. Please follow the steps suggested above on how you can Exclude them in QuckBooks Online.
Once done, they'll then be moved to your Excluded tab.
To ensure your accounts matches your bank, please check reconcile an account in QBO. This contains information about the things you need to do when reconciling your account.
Please let me know if you have any other QuickBooks related concerns. I'll be around to help you out.
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