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Level 1

Refund of item purchased on my debit card

I payed for an item and returned it in the same day. It was charged on my debit card and returned to my debit card in the same day. How do I record this? I have read too many different answers. I have QBO Essentials. 

5 Comments
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Level 15

Refund of item purchased on my debit card

A refund to the debit card is a Deposit to that checking account. If you bought Office Supplies, the Deposit entry details is Office Supplies. This puts the Refund into the same place you entered the original expense.

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Level 1

Refund of item purchased on my debit card

Hello, I have an issue with the categorization of partial returns that I make. Say, if the original purchase receipt is $100 and they refund me $50. How do I categorize that return? Is the $100 an expense and the $50 income? If so then, do I have to "match" anything or do any additional steps to make sure the balance works out when reconciling? 

 

Thank you for your reply!

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QuickBooks Team

Refund of item purchased on my debit card

Hi there, @nealrt,

 

You'll need to use the same category when you record item returns, as advised by qbteachmt in this thread. This is to track your expenses and match your transaction during the reconciliation process.

 

Please see the attached screenshot below for your guidance with the results when we use the same category. categorizeexpenses.PNG

 

Let me know if you need clarifications by leaving a comment below. I'm always glad to help.

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Level 1

Refund of item purchased on my debit card

Hi,

Thank you. I have quickbooks simple start and I think I figured out how to do it by creating a Bank Deposit for the same/different amount and then matching them. Is this not correct?

 

Thanks in advance!

Highlighted
QuickBooks Team

Refund of item purchased on my debit card

Thank you for getting back to us, @nealrt.

 

That's right! You can record a Bank Deposit to record the partial refund.

 

You can follow the steps in this thread and record a bank deposit. This way, your balances are correct during the reconciliation.

 

You can refer to your financial reports, such as your Profit and Loss report and Balance Sheet to check your balances.

 

To pull up these reports, you may follow these steps:

  1. Click on Reports from the left panel.
  2. Look for Profit and Loss or Balance Sheet from the search bar.

Please let me know if you have any other concerns.

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