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Old 10-28-2016, 02:50 PM
lovlins lovlins is offline
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Join Date: Mar 2015
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Unhappy Recording Partial Refund for Fraud

Hi everyone! I'm here with another stupid question I'm sure. I just can't seem to figure this out. Perhaps it's my Friday brain taking over. But here's my situation:

My predecessor was a bit ridiculous and would pay vendors almost quickly and without any investigation. She received an email that looked similar to our owner's email, requesting the payment of a consulting service. This bookkeeper immediately entered the info into quickbooks, cut a check and sent it off. Days later, the owner said he never sent the email and everyone realizes it was a very similar email requesting payment etc. All the good stuff goes down and we get refunded. But it's partially. On a 19,680 payment issued, we received 12207.23 in return, leaving us with a 7472.77 loss on that issue.

My understanding is that I would just enter a deposit and have it hit bad debt/fraud expense account since this is what we aimed the bill at (she recoded the bill after the fact from consulting to bad debt). But I can only deposit the amount received and that's not the full amount.

So here's what I have.
Bill 123456 Entered 19680
Bill Pymt 1234 Entered 19680
Deposit 12207.23

How would I record the non-refunded portion so I have a cleared ($0 amount) bad debt account?
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Old 10-29-2016, 05:36 AM
Rustler Rustler is offline
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Join Date: Feb 2008
Location: Texas - The Republic
Posts: 2,411
If you recorded the full amount in bad debt as you seem to e saying
then deposit the refund and use the same bad debt expense account as the source (from) account for the deposit

It will not be a zero bad expense since you did not get fully reimbursed
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