Refund Receipt

Refund Receipt Form
Refund Receipt Form

Refund Receipt ●●► Issue customer (client) refund from Bank Checking account or Paypal account

How to record processed credit refund by Merchant Credit Card account to a customer and account payment is linked to a bank account?

Refund Receipt
Refund Receipt

In order to record processed credit refund by Merchant Credit Card account to a Customer, first create “Refund Receipt” to a customer.
From Home page screen

  • Select “+” sign (top middle section)
  • Select “Refund Receipt” under Customers heading
  • Select Customer and enter necessary information
  • Select “Undeposited Funds” as Refund From (IMPORTANT)
  • Save
  • See screenshot photo for reference.

NOTE: If you are refunding credit by check or company debit card, select appropriate bank account. There is no need to select Undeposited Funds account.

Refund Receipt Bank Deposit
Refund Receipt Bank Deposit

Second entry is to record refund credit from Undeposited Funds to bank account.

From Home page screen

  • Select “+” sign (top middle section)
  • Select “Bank Deposit” under Other heading
  • Select “Select Existing Payments” checkbox to match Deposit Total Amount with the bank deposit.
  • Save
  • See screenshot photo for reference.

I have a credit card deposit, a merchant credit card refund of $1015 to a customer. Created a refund receipt placing it with the undeposited funds. Quickbooks says I can’t make a negative deposit. How do I record this so it matches my bank statement?

For $1015 cc refund from your bank to match your bank statement, you will need take the following steps:
Step #1
You will need to create Customer Credit Memo instead of Refund Receipt for $1,015
Step # 2
Go to Expense Form (under Vendors)
Select Customer
Select Appropriate Bank Account
Select Account = Accounts Receivable (A/R)
Amount = $1,015
Step # 3
Go to Customer’s Center (from blue nav bar left)
Locate and select Customer
Select “Receive Payment” (far right corner)
Check “Outstanding Transactions” box and “Credit box
Amount Received should be $.00

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