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Level 2

How to categorize refunds from a vendor that post on my credit card

A parts company that has our credit card on file had mistakenly charged our card for a different company's orders. They are now crediting our card for 11 transactions spanning from Oct 2019 to Oct 2020. The credits are showing up in the downloaded transactions and defaulting to "Record as Transfer" with the transfer account being "Uncategorized Asset." I know this will surely mess up the books. How do I record these credits? (They are all Cost of Goods Sold made with the same credit card.) Receiving credit now for transactions from 2019 has me nervous, too. Thanks for any help.

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QuickBooks Team

How to categorize refunds from a vendor that post on my credit card

 

Thanks for reaching out to us, catface.

 

I've checked your previous posts and found out that you've posted the same questions twice. Also, I've already answered the duplicate one.

 

You can view my answer through this link where I explained the processes and steps on how you can record the credits: https://quickbooks.intuit.com/learn-support/en-us/reports-and-accounting/re-i-received-a-credit-card....

 

I've also enclosed some references that you can read to help manage your downloaded bank and credit card transactions in QuickBooks Online:

 

Please don't hesitate to leave a comment below if you need more help in completing your other tasks. I'll always have your back.

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