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.
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.
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?
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.
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.
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
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:
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!
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.
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!