How do I categorize a refund in QuickBooks?

To ensure the refund hits the expense account, enter a vendor credit through these steps:

1. Click the Plus sign.
2. Select Vendor Credit.
3. In the Vendor drop-down menu, select your vendor.
4. Depending on how you record purchases with this vendor, enter the Category details or Item details.
5. Select Save and close.

How do I enter a bank reversal in QuickBooks?

Step 1: Enter a reversing journal entry.

1. Go to the Plus icon (Create button), then Journal Entry.
2. Make sure the Date, Entry No, and Vendor name are correct.
3. Debit the checking account for the amount of the NSF check.
4. Credit the A/P account for the amount of the NSF check.
5. Click Save & Close.

How do I record bank charges on an invoice in QuickBooks online?

How to record client payments with fees

1. Highlight the Transactions tab.
2. Select Banking.
3. Click the bank account in question.
4. Under the For review tab, tap on the downloaded transaction you want to match.
5. Tick the box of the invoice or sales receipt that matches the deposit amount (£45).

How do I record a refund in Quickbooks desktop?

Click the ‘Credit’ option button to account for the return of goods. Enter the ‘Vendor name’ and click on the ‘Items Tab’. Enter the returned items with the same amounts as the amount on the refund check. Finally, press ‘Save & Close’.

How do you record a refund in accounting?

Recording a Refund on a Credit Sale You will debit the Sales Returns and Allowances with the refund amount. Then you credit your Accounts Receivable. The customer cannot receive cash for a refund when a credit card is used. It is considered a fraudulent transaction and should be avoided at all costs.

How do I record bank credits in QuickBooks?

Second, record a Bill Credit for the refunded amount.

1. Click on Vendors menu.
2. Choose Enter Bills.
3. Choose Credits.
4. Enter the vendor name, choose the account/item used on the original Bill.
5. Click on Save and Close.

How do I record a returned payment in QuickBooks desktop?

Go to Customers, then select Customer Center. Select Transactions tab, then choose Received Payments. Double-click the payment you want to record as NSF. On the receive payments window, select the Record Bounced Check icon on the Main ribbon tab.

How are bank fees recorded in general ledger?

The journal entries for the bank fees would debit Bank Service Charges and credit Cash. The journal entry for a customer’s check that was returned due to insufficient funds will debit Accounts Receivable and will credit Cash.

Are bank fees an expense?

An expense is a cost of sale if it directly reduces sales profit. In general however, these sorts of expenses can include: Merchant bank fees (PayPal, AMEX, bank, Eventbrite, Ebay charges etc)

How do I record a stop payment fee in QuickBooks?

Here’s how:

1. Open the invoice in question, then go to the Reports tab at the top.
2. Select Quick Report. This will bring up the Customer QuickReport page.
3. Change the Payment Amount field and the Payment column on how much is the exact amount paid.
4. Tick Save & Close. Then, Yes when prompted.