Categorizing a refund

It's my pleasure to help you handle and categorize refunds in QuickBooks Online (QBO), @Manyzz.

The first thing we need to do is to record a refund in your QBO account. Then, we can match it to your bank transactions.

To enter a refund, here's what we need to do:

1. Click + New and choose Credit card credit.
2. In the Payee field, select the appropriate supplier.
3. From the Bank/Credit account ▼ dropdown, select the credit card to which you received the refund.
4. Enter the Payment date, refund Amount, Tax, and Category.
5. Note: The category used here is the original expense account on the original bill.
6. Lastly, choose Save and close.

Once done, let's categorize this in your banking section. For detailed steps, please see this article: Categorize and match online bank transactions in QuickBooks Online.

I'm also adding this link to help reconcile your accounts so they always match your bank and credit card statements.

Fill me in if you have further questions about categorizing a refund in QuickBooks. I'll be happy to help you again. Stay safe!

Hello, I tried what you told me and when I go back to the review transaction section, I am able to match the transaction with the one created in the credit card credit. However, it seems as if I'm profit and loss report does not show any changes which means that the solution I was given is not the correct one. If I am marking a refund, it should be reflected under my profit/loss because I have gained money back 

I've got you covered, @Manyzz.

First, I appreciate you for getting back to us and providing an update. I'm here to lend a hand in sorting out this concern about making changes to your Profit and Loss report.

To see the changes you've entered when recording the refund and be able to match the transaction, we can ensure that the report period and the filter when customizing the report are accurate. I'll be glad to show you how:

1. Go to the Reports tab.
2. Enter and select Profit and Loss report.
3. Filter the Date Range.
4. From there, you can Customize the report then go to the Filter tab and choose the customer and vendor.
5. Then, tick Run report to save its customization.
   
   

Also, would you mind attaching a screenshot to this post? This way, I can provide you with the best resolution.

Once you're settled, you're now able to see the details you need. You can also check out this article for more details about personalizing the format of your reports: Customize reports in QuickBooks Online.

Moreover, I've added these handy articles that can help you with keeping track and handling reports as well as saving their current customization settings:

• Run reports in QuickBooks Online
• Memorize reports in QuickBooks Online

I’m always ready to assist you if you have any other questions or concerns about managing your refunds or transactions in QBO. Tag me in your reply, and I’ll sprint back into action. Have a good one, and keep safe.

Hello, I am aware of this but shouldn't have I had a different number in my profit and loss sheet after categorizing the refunds as you told me? Before your solution, my profit and loss sheet said - $1 (Imaginary Number) but after your solution, my profit and loss sheet still showed -$1. 

Thank you for providing us with an update, @Manyzz.

I know you're putting so much effort and time into getting a resolution to your concern. I’ll make sure you get routed to the right direction of support to sort out this issue with your transactions.

Beforehand, thanks for taking the time to do the recommended steps provided above. Since the same amount is still shown after following the steps, I recommend getting in touch with our QuickBooks Online Support Team. This way, they'll be able to pull up your account in a safe environment and have a screen share with them to investigate this matter further.

1. Click the Help menu.
2. From the pop-up panel, go to the Search tab.
3. Click the Contact Us button.
4. In the text box, type in your concern.
5. Click Chat with us.

Also, to ensure that we address your concern on time, you can check our available hours when contacting our support.

Let me know how else I can help you with QuickBooks-related tasks by adding a comment below. I'm more than happy to lend a helping hand. Keep safe.