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Hello.
I'm trying to enter a receipt for a transaction that includes a return/refund. We just started using QuickBooks late last year and unfortunately the item that was returned/refunded was not "expensed" or tracked because it was purchased BEFORE we started with QB.
We returned that item on the same receipt as some "purchased" items. However, the item that was returned costs more than the additional purchases, so the total was a negative. Because it's a negative, I can't enter the receipt/receive items as I normally would. But there's no original invoice/receipt/purchase to reference for the item that was returned. How can I enter this transaction to reflect the refunded item as well as the purchased items? (I have an actual receipt from the store, not a bill-and no credit memo).
Thank you!
Solved! Go to Solution.
@AshL wrote: Thanks for your response. However, when I attempt to enter as a credit or "backward bill" it says I cannot have a negative credit... How can I show we received product but received a refund on the same transaction?
The the credit will be positive if you reverse the amounts, compared to the bill:
Note here I changed the Amounts so that the total amount is positive $500.
If using items, do the same thing by changing the quantities to be positive for returned items and negative for purchased items (items returned on a credit have a positive quantity, compared to a negative quantity on a bill.)
Skip the item receipt and enter the transactions using the Bill form. Use the "Credit" option at the top of the Bill form to create a bill credit (a backwards bill.)
Thanks for your response. However, when I attempt to enter as a credit or "backward bill" it says I cannot have a negative credit. It also says I cannot have a negative bill. A $1299.00 item was returned and about $600~ items were purchased, so there was still a negative amount due (or amount credited back to the card used). How can I show we received product but received a refund on the same transaction?
@AshL wrote: Thanks for your response. However, when I attempt to enter as a credit or "backward bill" it says I cannot have a negative credit... How can I show we received product but received a refund on the same transaction?
The the credit will be positive if you reverse the amounts, compared to the bill:
Note here I changed the Amounts so that the total amount is positive $500.
If using items, do the same thing by changing the quantities to be positive for returned items and negative for purchased items (items returned on a credit have a positive quantity, compared to a negative quantity on a bill.)
Thank you!
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