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ahack180-gmail-c
Level 2
posted
‎July 06, 2021 06:39 PM
last updated ‎July 06, 2021 6:39 PM

is a refunded invoice products goes back to inventory automaticall or do ive too add them manully?

is a refunded invoice products goes back to inventry automatically when refunded or do ive to add them manully? please answer this is been bugging me for a couple of days, im new to qbo.

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4 Comments 4
Maybelle_S
QuickBooks Team
QuickBooks Team
‎July 06, 2021 07:22 PM

is a refunded invoice products goes back to inventory automaticall or do ive too add them manully?

Hello there, @ahack180-gmail-c.

 

In QuickBooks Online (QBO), we'll have to record the refund manually.

 

To start with, you can create a Refund receipt if a customer asks for a refund for an item or service. But ensure you haven't made a credit memo yet to avoid a double refund. I'll guide you on how to do it:

 

1. Click the + New button, then choose Refund receipt.

2. Select the Customer drop-down, then pick the customer you want to refund.

3. Tap the Refund From the drop-down, then choose the bank you deposited the payment for the invoice to.

4. Make sure to add all products or services the customer returned in the Product or service column.

5. Don't forget to fill the quantity, rate, amount, tax, and other fields accordingly, then hit Save and close to confirm the action.

 

Also, you'll want to know more on how to apply credit memos or delayed credits for your customers in QuickBooks Online: How to apply credit memos or delayed credits customers in QBO?

 

Leave a comment below if you have more questions about recording refunds in QBO. I'll be around in the Community to help you.

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Fiat Lux - ASIA
Level 15
‎July 06, 2021 07:56 PM

is a refunded invoice products goes back to inventory automaticall or do ive too add them manully?

@ahack180-gmail-c 

You have to record it manually as described by Maybelle_S. Another option, consider having an additional app with the return management feature. 

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ahack180-gmail-c
Level 2
‎July 07, 2021 07:04 AM

is a refunded invoice products goes back to inventory automaticall or do ive too add them manully?

can i choose cash equivalents account instead of bank payment? whats the diffrence between credit memo and refund? 

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Mark_R
QuickBooks Team
QuickBooks Team
‎July 07, 2021 08:21 AM

is a refunded invoice products goes back to inventory automaticall or do ive too add them manully?

Thank you for getting back to us, @ahack180-gmail-c.

 

Allow me to ease your confusion about processing a refund to an invoice in QuickBooks Online (QBO).

 

When choosing an account from the Refund From drop-down, you'll need to select the bank account where the payment gets deposited. However, if you want to choose another account, I suggest seeking help from your accountant. They may add suggestions based on what's more suitable for your business and to your books. If you don't have an accountant, you can find one through this link.

 

On the other hand, the difference between the credit memo and refund receipt is that the credit memo reflects as a credit on a customer's account, while the refund receipt reflects a refund that you gave to a customer.

 

I'm adding these articles to learn more about credit memos and refund receipts:

 

 

As always, feel free to visit our QuickBooks Community help website if you need tips and related articles in the future.

 

It’s nice to work with you. Feel free to click the Reply button below if you need further assistance refunding invoices in QuickBooks Online.

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