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?
To record processed credit refund by Merchant Credit Card account to a Customer, first, create “Refund Receipt” to a customer.
From the Home page screen
- Select the “+” sign (top middle section)
- Select “Refund Receipt” under the Customers heading
- Select Customer and enter the 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 the appropriate bank account. There is no need to select an Undeposited Funds account.
The second entry is to record refund credit from Undeposited Funds to a bank account.
From the Home page screen
- Select the “+” sign (top middle section)
- Select “Bank Deposit” under the Other heading
- Select the “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 and 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 a $1015 cc refund from your bank to match your bank statement, you will need to take the following steps:
Step #1
You will need to create a Customer Credit Memo instead of a 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 the blue nav bar left)
Locate and select Customer
Select “Receive Payment” (far right corner)
Check the “Outstanding Transactions” box and “Credit box
The amount Received should be $.00
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