Hello there, DSI-Lesley.
I can guide you through the process of recording the refund and ensuring that the deposit amount matches.
To maintain accurate records and ensure visibility of invoice payments and refunds, begin by recording the payment for the invoices and temporarily hold them in the Undeposited Funds account until they are included in a bank deposit.
After recording the payments, continue the process by generating a Refund receipt specifically for the refund transaction and opt for the Undeposited Funds account again.
Here's how:
- Click + New and select Refund receipt.
- Select the customer.
- Choose the Refund Receipt date and Payment method, and select the account from the Refund From dropdown.
- Enter the refund amount.
- Click Save and close.
Once you have completed the invoice payment and refund receipt, it's time to compile a Bank deposit. Include both the invoice payment and refund receipt within this deposit, ensuring that the deposit account corresponds to the actual bank account where the funds will be deposited. Doing so will then match the deposits. You can refer to this article for more details: Categorize online bank transactions in QuickBooks Online.
Further, reconcile the account for the accuracy and completeness of your financial records.
Let me know if you have further questions about managing refunds and other related issues. I'll be here to assist.
