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I hold hospitality events and sell tickets on Eventbrite's platform which collects funds and forwards installments directly to my checking account. When I cancel an event refunds must be issued. Eventbrite requires my credit card for this facility. To keep sales taxes and account posting correct I want to issue a CREDIT MEMO and pay back Eventbrite with a credit card; but this is not straightforward because the ISSUE A REFUND dialog box ACCOUNT field only allows for BANK ACCOUNTS regardless if I select "CREDIT CARD" in the ISSUE THIS REFUND VIA field. So how do we transfer funds to the credit card?
Best answer March 15, 2019
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Best Answers
Hello there, KaiKai.
You've reached the right support. Let me guide you on how to handle customer refunds in QuickBooks Desktop.
Since you're trying to issue a refund from a credit card account, you'll need to set up a Clearing Account first. Then, you'll use this account when you issue a refund. I'd be happy to share the steps on how to do it.
Here's how:
- Go to the Lists menu.
- Select Chart of Accounts.
- Right click anywhere in the Chart of Accounts, then select New.
- In the Add New Account window, select the Bank radio button.
- Select Continue.
- In the Account Name field, enter Clearing Account or Wash Account.
- Do NOT enter an opening balance.
- Click Save & Close.
For additional information about how clearing account works in QuickBooks, please check out this article: Set up a clearing account.
Now you can use the Clearing Account as your Account from the Issue a Refund window. I've attached a screenshot for your reference.
Once done, you'll want to transfer the refund amount from your credit card directly to the correct bank through the Transfer Funds option.
Here's how:
- Go to Banking.
- Choose Transfer Funds.
- Enter other necessary information.
- Click Save & Close.
That should point you to the right direction. If you need further help while working with customer refunds, feel free to reach back to me. I'm always happy to help.
Hello there, KaiKai.
You've reached the right support. Let me guide you on how to handle customer refunds in QuickBooks Desktop.
Since you're trying to issue a refund from a credit card account, you'll need to set up a Clearing Account first. Then, you'll use this account when you issue a refund. I'd be happy to share the steps on how to do it.
Here's how:
- Go to the Lists menu.
- Select Chart of Accounts.
- Right click anywhere in the Chart of Accounts, then select New.
- In the Add New Account window, select the Bank radio button.
- Select Continue.
- In the Account Name field, enter Clearing Account or Wash Account.
- Do NOT enter an opening balance.
- Click Save & Close.
For additional information about how clearing account works in QuickBooks, please check out this article: Set up a clearing account.
Now you can use the Clearing Account as your Account from the Issue a Refund window. I've attached a screenshot for your reference.
Once done, you'll want to transfer the refund amount from your credit card directly to the correct bank through the Transfer Funds option.
Here's how:
- Go to Banking.
- Choose Transfer Funds.
- Enter other necessary information.
- Click Save & Close.
That should point you to the right direction. If you need further help while working with customer refunds, feel free to reach back to me. I'm always happy to help.
