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customer was invoiced the full amount and paid 50% cash deposit. Deposit was recorded. Cash deposit was returned to customer due to unacceptable goods.
1) do i record the refund and record the balance of the invoice under "bad dept"
I'm sure I void the transaction altogether, as there was never any 'actual' cash deposit in the bank, however, our company is out of pocket for the cost of goods sold - so here is the next question:
2) Can the Costs of Good sold be written off as damaged? If so, how would this be done.
I hope I've explained this ok. Thank you very much for your help.