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  #1  
Old 02-22-2017, 06:46 AM
Wincar Wincar is offline
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Payment and refund in same Credit Card batch

Hi,

I've got a net payment of 25 come through in our bank feed from our credit card provider, which is for a 70 payment which we took and a 45 refund which we paid, and I've got no idea how to get it from the bank feed into Quickbooks - I'm still struggling with normal refunds, so this one is really beyond me, and any help would be really appreciated!
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  #2  
Old 02-26-2017, 04:03 PM
Lorin Browning Lorin Browning is offline
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My reply is based on the assumption that your company is the entity that:

(1) made a sale in the amount of 70 for goods or services, and
(2) issued a credit for the return of merchandise or services in the amount of 45.

If my assumption is correct, there are two different transactions to record:

(1) Account for the sale for 70 as you normally would -- namely, as a credit to a sales account for 70, and as a debit to Credit Cards Receivable for the same amount.
(2)The 45 will post as debit entry to an account called something like Sales Return and Allowances. That type of account is often called a contra account to Sales, since it effectively reduces the total sales for the period. The corresponding entry will be a credit entry to Credit Cards Receivable.

For the first transaction to be recorded, you probably would use the QuickBooks' Receive Payment tool.
For the second transaction to be recorded, you probably would use a General Journal entry.
__________________
Lorin Browning, Ph. D.
Fellow -- National Tax Practice Institute
lorin@lorinbrowning.com

Last edited by Lorin Browning; 02-27-2017 at 09:12 AM.
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  #3  
Old 02-27-2017, 03:18 AM
Wincar Wincar is offline
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Thanks Lorin,

I'll give it a go!
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