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I am using QB Online. I have two downloaded bank

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Hi, I am using QB...
Hi, I am using QB Online. I have two downloaded bank transactions that are EFTPOS settlements. My problem is that both include a refund, via credit card, that is more than the total sales for that day, meaning that the transaction is actually a debit instead of a deposit. How do I enter the refund and how do I then match all of the transactions on that day to the banks total on the settlement?
Submitted: 1 year ago.Category: Financial Software
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Answered in 27 minutes by:
7/14/2016
Tech Support Rep: Jade Adams,
 replied 1 year ago
Jade Adams
Category: Financial Software
Satisfied Customers: 15
Experience: Full Charge Bookkeeper at Waterpoint Marina
Verified

Hello,

My name is ***** ***** I will be helping you today.

The best way to do these is to create a Journal Entry to move the funds from Undeposited Funds to the bank account.

  1. Click the Create (+) at the top of your Home screen.

  2. Choose Journal Entry from the dropdown (if you don't see it, try clicking Show more).

  3. Set the Date of the transaction.

  4. On the first distribution line of the Journal Entry:
    1. In the Account column, choose Undeposited Funds.
    2. In the Debit column, enter the amount of the deposit.
  5. On the second distribution line of the Journal Entry:
    1. In the Account column, choose the appropriate bank account.
    2. Set the Credit column to the amount of the deposit. (You are already accounting for the negative by crediting the bank account.)
  6. Click Save and close. This will show a deduction from the bank account.

Next, you will want to group the Journal Entry with the payments to create a $0 deposit and remove the payments from Undeposited Funds.

  1. Click the Create (+) at the top of your Home screen.

  2. Choose Bank Deposit from the dropdown

  3. Select the payments and the Journal Entry you just created (the total should be zero).
  4. Click Save and close.

Finally, exclude the downloaded transaction:

  1. Click Transactions on the left side of your screen.
  2. Choose Banking from the little menu that appears.
  3. Check the checkbox to the left of the downloaded transaction.
  4. Click Batch actions at the top of the list.
  5. Finally, choose Exclude Selected.

I hope I’ve provided the information you were seeking. If you are happy with my service, please provide a rating. If not, please let me know so l can continue to help you.

Thank you.

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Tech Support Rep: Jade Adams,
 replied 1 year ago

If your issue has been resolved, please provide a rating so we can get this question marked as closed. If not, please let me know so l can continue to help you.

Thank you.

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Jade Adams
Category: Financial Software
Satisfied Customers: 15
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Experience: Full Charge Bookkeeper at Waterpoint Marina

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