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Let me help you record the accounting entries for the purchase returns made to the concerned seller, @gnrao1551.
We can enter the refund to record the purchase returns made to the seller and this depends on how you record your purchases. If you’re not sure, I'd recommend consulting your accountant. First, let's enter a supplier credit. This is to ensure the credit hits the expense account you use for this supplier. Here's how:
Second, deposit the money you got from the refund:
Lastly, use the Pay Bills to connect the bank deposit to the supplier credit. Even though you aren’t paying a bill, this is the right thing to do. This last step is to keep your supplier expenses accurate:
For recording a refund for a business expense, we can choose the following options:
Also, you'll want to visit our Help Articles page for more tips and references for managing your business with QuickBooks Online.
Keep in touch if you need any more assistance with this, or if there's something else I can do for you. I've got your back. You have a good one.
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