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!