There are various ways to record a transaction you'll receive in your bank, carpediemit. Let me guide you through determining which process suits your situation to ensure accurate recording in the program.
First, I'd like to know what transaction you're referring to record. Is it a refund for a business expense? If so, proceed to the information below.
Please know that registering refunds relies on how the purchase is recorded. Additionally, the accounts affected depend on the way you record the expenses. To match the money you'll acquire from your bank, follow the steps below:
- Go to the + New and select Bank deposit under the Other column.
- Go to the Add funds to this deposit section:
- If you have already created an Invoice, choose Accounts Receivable under the Account column to apply the amount you received from the bank.
- On the other hand, select Accounts Payable to decrease your client's balance if you've made a Bill.
- Otherwise, specify the Expense account you used when entering a Cheque or Expense transaction.
- If you deposited customer payments for invoices into the bank account along with the supplier refund, add them in the Select the payments included in this deposit section.
- Click Save and close.
However, if you enter bills you plan to pay later or the supplier refunds on a credit card, check out this article for further instructions: Enter vendor credits and refunds in QuickBooks Online.
On the other hand, you can record a customer refund in QuickBooks Online to return a client's money.
Moreover, I recommend consulting with your accountant for further assistance with which approach to use. A professional bookkeeper can give you additional options for tracking your entries accordingly.
Once you have confirmed everything is in place, follow this guideline to match the entries: Categorize and match bank transactions in QuickBooks Online.
Furthermore, save these resources to classify the entries and ensure your books are balanced:
Touch base with me here for clarification. I'm determined to help you document the expenses in the program. Take care!
