How to record accidental customer wire in Quickbooks Online (and subsequent refund)

I'll show you how to handle these transactions in QuickBooks Online, jenuneekor.

To do this, we'll have to create a Refund Receipt to return the amount. Then, match the transaction to the incorrect wire transfer on the Banking page. 

Here's how to record the refund:

1. From the + New menu, select Refund Receipt.

2.Choose a Customer

3.Select a Payment Method.

4.Choose an Account.

5. Enter the necessary details.

8. Once you’re done, choose Save and Close.

You can also check out this tutorial that'll walk you through the whole process: Refund Receipts

After recording the refund, let's match your transactions by clicking on Find Match on the Banking page.

Here's how:
 

1. Go to Banking and then select Banking.
2. In the For Review tab, select the refund transaction.
3. Click on Find Match.
4. On the Match transactions page, select the transaction for which the refund was for.
5. Click on Save.

Please visit this article for further guidance: Categorize and Match Online Bank Transactions.

You can also void or give a partial refund to your customer in QuickBooks Online. This ensures everything is processed and your accounting stays accurate. 

Please come back and keep us posted on your progress in recording and managing these transactions in QuickBooks. It's our top priority to ensure everything is correct. Have a good one.

Hi CharleneMae! Thanks for responding so quickly. I wanted to follow up with one question. Right now, I have the original wire from the customer sitting in my bank feed waiting for reconciliation. I sent them a refund check but they haven't received it yet so it's not in my bank feed. Could you tell me what the steps are for how to account for the original wire coming in to us? I think I understand that the steps you provided will be for the refund when that check clears but I'm not sure what to do with the initial incoming wire in my bank feed as well. Thank you!

Hello there, jenuneekor.

You have the option to wait for the refund check to be posted and clear from your bank so you'll match them to the recorded one in QuickBooks. However, if you need to reconcile the account, you can reconcile the recorded refund check and once the refund gets cleared in your bank and being downloaded in your bank feeds, you can exclude it. Doing so will prevent duplicates. 

Feel free to use these links to help you manage your bank transactions: 

• Categorize and match online bank transactions in QuickBooks Online
• Exclude a bank transaction you downloaded into QuickBooks Online

Keep me posted if there's anything else you need help with. I'll be here to help. Take care

Hi. How do I categorize the payment that was received though? This explains how to record us sending the money back but not the one we received. 

Allow me to guide you in categorizing the payment that you received. I'm here to walk you through the step-by-step process to continue your business activities.

After QuickBooks sends the downloaded transactions, you can follow the steps provided:

1. On the left panel, select Transactions then go to Bank transactions.
2. Look the transactions you want to categorize
3. Under the For review section, choose the account you wish to categorize and fill out the necessary information.
4. Click the Add button.

For detailed information on how to categorize bank transactions, refer to this link: Categorize online bank transactions in QuickBooks Online.

If you want to learn more about the reconciliation process of your account so they match your credit card and bank statements, you can read this reference: Reconcile an account in QuickBooks Online.

Should you require further assistance in handling bank transactions, please let me know by adding a Reply on this forum.