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I pay for most my goods up front so when something can not be delivered I receive credits to my account
So for example if my supplier gives me £100 back
how do I reconcile that (Match the transaction) do I match it against an expense?
Also I also have to credit my customers so for this example I then have to give my customer £150 back
I make a transfer of £150 to my customer
When this shows as a transaction as above
how do I reconcile that (Match the transaction) do I match it against an expense?
QB help were unhelpful and advised me to do it wrong which I don't know if it's still wrong
Also my accountant has no clue
Thanks in advance
You've come to the right place for answers, @Mr Patterson.
I'll walk you through how to record the credits you received and the money you gave to your client in QuickBooks Online. This way, I can guide you accordingly.
You’ll need to create a Supplier credit to record the £100 returned by your provider. Let me show you how:
Next, enter the supplier refund on the deposit screen if the funds do not come from your automated bank feed. Please follow the steps below:
Once done, create either Expense or Cheque to link the funds. Let me guide you how:
For the complete instructions, visit this article: How do I handle supplier credits and refunds?
For your customer credit, you’ll need to create either a Credit Note or Delayed Credit. Then apply these to the invoices. See this article for how to record credit according to your scenario: Create and apply credit notes or delayed credits in QuickBooks Online.
Moreover, I'll take note of your experience with our support and send this feedback to our dedicated team. This way, we can improve the services we offer to our customers.
I've included articles on how to handle customer refunds and record overpayment as a tip in case you encounter such a situation in QuickBooks:
Don't hesitate to tag my name in the comment section if you have clarifications on this matter or other concerns. I'm always around to help you again. Enjoy your day, Mr Patterson.
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