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Refunds, Credits, and Sales Tax, oh my!

Ever needed to give a customer a refund … but then got to your Quickbooks software and had no idea how to account for it??
20 Nov 2020

Refunds, Credits, and Sales Tax, oh my!

Ever needed to give a customer a refund … but then got to your Quickbooks software and had no idea how to account for it??

Honestly, we would be impressed if you got it right on the first try – refunds come in all shapes and sizes, and can get tricky fast:

💳 How are you processing the refund? Cash, check, or credit card? (They’re all a little different!)

🛍 Are you going to give store credit instead of a monetary refund?

💯 Will it be a full refund or a partial refund?

💰 Did you collect sales tax for the refunded item(s)?

📦 And if you’re an e-commerce business and tracking inventory, will you re-add the returned product to your inventory? Or is the refunded item defective?

See what I mean? Depending on your business – and the transaction type – it can be entered in several different ways.

Thankfully, there’s a good video I found from Quickbooks that can help you figure out all of those nuances (and it also links to a few more related videos to help with the more complicated ones!)

So feel free to check this video out to help you DIY your refunds correctly – or, if you want someone else to just take care of these annoying financial things like this for you and ensure it is correctly recorded – let us know!

We handle this kind of stuff all the time for our clients and would love to help you with this, too!

Resource: https://www.youtube.com/watch?v=8n7a5Xnc9YM&t=1s

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