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JVH1
Level 1

Adjusted Journal Entry for bank dispute, reversal and refund

I have a the following situation and have no idea how to enter this in to Quickbooks:

 

I purchased software

The software was not as advertised so I requested a refund

The company did not respond so I disputed the charge and my bank deposited a provisional credit in my account

Then the company responded and provided the refund

Then the bank reserved the provisional credit in my bank account.

 

Can I enter all the above in one adjusted journal entry as all four transactions happened within a couple days of each other and in the same month and cancel each other out.  If so, how do I enter it all?

 

1 Comment 1
CharleneMae_F
QuickBooks Team

Adjusted Journal Entry for bank dispute, reversal and refund

Hi there, @JVH1 .

 

Yes, you can create a journal entry to record the transaction in QuickBooks. You'll have to make sure not to use A/R and A/P in one entry. This will prevent you from saving the transaction.

 

Here's how:

  1. Go to the Company menu.
  2. Select Make General Journal Entries.
  3. Fill out the necessary fields to create your journal entry. Make sure your debits equal your credits.
  4. Once you're done, click on Save & Close.

 

Also, I recommend consulting an accountant to be guided on which posting account should be debited and credited.

 

Additionally, I've included an article that'll show you the debits and credits for each transaction in your books. This will help you identify transactions that have gone out of balance: Transaction Journal report in QuickBooks Desktop.

 

I'm always here to lend you a hand with your other QuickBooks concerns, JVH1. Have a great day!

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