Quicken & Other Budget/Accounting Software/Refund

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Question
Hi,

Invoice A - paid $5000.

Received a refund due to cancel of service $500 from the amount paid.

How do i record the refund of $500?

Answer
Refunds from vendors should be posted to the same account the original bill
was posted to.

Keep a log in excel of all deposits to the bank that were not for sales.
This would be helpful if your books are ever reviewed or audited.

Linda Saltz, CPA
Advanced Certified QuickBooks Advisor
http://www.qbalance.com/

Quicken & Other Budget/Accounting Software

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Linda Saltz, CPA, QBalance.com

Expertise

QuickBooks best practices, troubleshooting, accounting, tax We have over 70 pages of website content about QuickBooks tips, running a business, tax and business startup at http://www.qbalance.com

Experience

Accountant and CPA over 20 years. Specializing in accounting software for over 12 years, Certified QuickBooks Pro Advisor, QuickBooks seminar instructor since 1997.
Producer of www.QBalance.com over 100 pages devoted to QuickBooks help and support and training for small business owners in tax and accounting issues.

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