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jackenglish
Level 1

Refunds Received. Just click "Add" rather than create create credit?

Hi,

 

Perhaps I'm missing the point, but if I've received a refund on my credit card for a purchase that was returned, and I see both the expense and the refund "For Review" on QBO Transactions, can't I just click 'Add' on both?

 

Doesn't "Adding" this refund to its expense account do the same thing as adding a credit card credit and matching it with the actual for review transaction?

 

Or am I wrong? I've done tons of research and never found anyone suggest just adding/confirming the cc refund that's for review. I want to make sure it's fine to do this before I move forward.

8 Comments 8
ReyJohn_D
Moderator

Refunds Received. Just click "Add" rather than create create credit?

Yes, you're right, @jackenglish.

 

You'll get the same result when you add both the refund and the expense transactions in the For Review tab. The only difference is their type of transaction. 
 

Before adding your entries, you can categorize and match them to make sure they're accounted for correctly and prevent duplicates.Please refer to the screenshot below for visual guide:

 

Also, you may want to reconcile them to ensure your books are accurate. Then, you can access, print, and export your reconciliation report so you have a copy on hand.

 

I'm just a post away if you've got more QuickBooks concerns. Take care and have an awesome day.

jackenglish
Level 1

Refunds Received. Just click "Add" rather than create create credit?

Thank you for your help! Just to clarify, is there a way to specify that X refund is for Y expense? I have dozens of expense in that category and thought it would be helpful to somehow "link" the expense and refund. Or should I merely write a memo/description in the refund specifying the date of the original charge?

ShiellaGraceA
QuickBooks Team

Refunds Received. Just click "Add" rather than create create credit?

I'm here to answer your clarifying questions, @jackenglish.

 

If the expense transactions were already created in QuickBooks, you can use the "Find match" feature and match your refund to your expense transaction. Let me walk you through how.

 

  1. In the For Review tab, open the refund transaction.
  2. Then, select the Find match radio-button.
  3. A Match transaction window will open, change the Show drop-down to Expenses.
  4. Choose the expense transaction from the drop-down.
  5. Click Save. See images below.

 

 

 

You can learn more about matching transactions at this link: Categorize and match online bank transactions in QuickBooks Online.

 

We also have a guide on what to do if bank transactions won’t download that I'm sure you'll find helpful. It has details and steps that'll help you review your downloads and steps on how to fix them.

 

That's all there is to it. Please know that we're always here if you have other questions or concerns. Thanks for visiting us today and I wish you have a fantastic weekend ahead.

jackenglish
Level 1

Refunds Received. Just click "Add" rather than create create credit?

Thanks for your reply @ShiellaGraceA 

 

In the Show drop-down, there's no such thing as Expenses.

 

I have it on 'All' and I can't find the transaction either. For some reason, I only see another transaction available. Please advise

AlexV
QuickBooks Team

Refunds Received. Just click "Add" rather than create create credit?

Hi, jackenglish.

 

Let me join this thread and share how to deal with the downloaded expense and refund transactions.

 

We need to record a credit card credit first, and that becomes a matching entry of the downloaded refund transaction. Then, we can choose the same expense account on the credit card credit to offset the expense. 

 

You can follow these steps:

  1. Go to the + New button and select Credit card credit.
  2. From the Category details section, select the same expense account you used in creating the expense transaction.
  3. Enter the details needed especially the credit card account.
  4. Hit Save and close.

Once done, go back to the Banking tab and tap Find Match. Check this link for more details on how to categorize and match online bank transactions in QuickBooks Online.

 

Comment again if you have more concerns. Have a great day!

jackenglish
Level 1

Refunds Received. Just click "Add" rather than create create credit?

Hi @AlexV 

 

To clarify, my QBO is connected to my bank and I haven’t downloaded transactions. 

I see both the CC refund and CC charge under “For Review” and merely want to match them. 

jackenglish
Level 1

Refunds Received. Just click "Add" rather than create create credit?

To further clarify, how would I match the CC credit with that actual expense? I haven’t found a way to match the expense and refund, even if I create a credit card credit and match that with the refund. 

AileneA
QuickBooks Team

Refunds Received. Just click "Add" rather than create create credit?

I'm here to shed light on your questions, @jackenglish.  

 

First, We have to download the transactions from your bank and match your refund to expense transaction. Once done, you can follow my colleague ShiellaGraceA steps above on how to match it. 

 

To understand more further about the workflow of matching transactions, you can refer to this article: Categorize and match online bank transactions in QuickBooks Online

 

That's it! Please come back to the Community, If you need further guidance about Find match transaction. I'm just one post away. Have a great day, and stay safe!

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