Sorry, I need some baby steps here. It's been a long time since I used QuickBooks, and some of their methods are non very intuitive to me.I have a similar situation. My husband paid a bill by Direct Debit (or Electronic Point of Sale Transfer, EPoST). Then he returned an item returned an item and received an electronic refund straight into our bank account.
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Join Jess Stratton for an in-depth discussion in this video, Adding bank accounts and credit cards, part of QuickBooks for Mac Essential Training. Jan 17, 2020 Best of all, you can set up multiple businesses for the same price as the first one—absolutely free. What Wave Is Missing. Price: It’s an affordable (or free) alternative to QuickBooks. Bank and credit card account syncing: A business can easily connect its financial institution accounts and bring transactions into its accounting software.
Different transactions, and they need to show separately so that when I reconcile the bank account, I can see and mark both of them (one debit and one credit).If I create a Credit through Vendor Bills, then the credit ends up sitting waiting for another bill to apply it aginst, which isn't what I need to have happen.Then I thought I could do it with a General Journal entry, but that messes up my Sales Tax accounting.Can some kind soul outline 'baby steps' for me? I'm thrilled to help you out, MR3.Don't get confused by how to record this transaction. It would be like a three step process.First, create a bank deposit and use the A/P account for the electronic refund. Here's how:. Click on the Banking menu. Choose Bank Deposits. Select the bank account from the Deposit To drop-down.
In the first column, choose the vendor name. In the From Account column, choose Accounts Payable. Enter the amount. Click on Save and Close.Second, record a Bill Credit for the refunded amount. Click on Vendors menu. Choose Enter Bills.
Choose Credits. Enter the vendor name, choose the account/item used on the original Bill. Click on Save and Close.Third, link the deposit to the Bill Credit. Click on the Vendors menu.
Select Pay Bills. Check the deposit that matches the Vendor check amount. Select Set Credits and apply the Bill Credit you created earlier then click Done. Click Pay Selected Bills and Done.You are all set up. You can now reconcile the correct cash flow for this vendor refund.
Just in case you need to record another refund affecting inventory items, please check out this article for more help:.Please don't hesitate to post some more, MR3. Have a great day!
Hi KellyT1,Thanks for joining the thread. Based on your question, it sounds like you're looking to add and match bank feed transactions. Take a look at this article for how to do that in QuickBooks Desktop:.If you need additional assistance reaching your goal, please get in touch with our phone support team at 1-833-317-2226 from Monday to Friday, 9am - 8pm EST. If you're using QuickBooks Desktop Enterprise, phone support is available 24/7.I hope this helps you get back on track. Let me know if you have any questions.Cheers! Hello lorclark,Seeing what steps you've taken and how your transactions look would be beneficial in this case. For that reason, I recommend getting in touch with phone support to take advantage of our screen share sessions.
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With these, an agent can see exactly what you're seeing. You're even welcome to tell the agent about this thread here to help them understand the steps you're trying to take. With these things combined, I'm confident we can get you back on track. The number to dial is 1-877-772-9158. Learn more about support hours for your version of the program and support policies here:Take care and have a great day.:).
The way I used to work is this:Most of my deposits are made via StripeSo in QB I enter these deposits using ( receive payment ) and deposit in an account called StripeI also enter the stripe charge for these deposits in STRIPE.7 days after Stripe have received these payments, they are transfered in our bank account.This way, I can easily reconsile my bank acc't with StripeWith the new way, I do not see my deposits in my Stripe account, so I am completely lost.Pls helpJean-Pierre Chabotemail address removedInstitut International d'hypnose Spirituelle. How does this work for QB online?wrote:I'm thrilled to help you out, MR3.Don't get confused by how to record this transaction. It would be like a three step process.First, create a bank deposit and use the A/P account for the electronic refund. Here's how:. Click on the Banking menu. Choose Bank Deposits.
Select the bank account from the Deposit To drop-down. In the first column, choose the vendor name. In the From Account column, choose Accounts Payable.
Enter the amount. Click on Save and Close.Second, record a Bill Credit for the refunded amount. Click on Vendors menu. Choose Enter Bills.
Choose Credits. Enter the vendor name, choose the account/item used on the original Bill. Click on Save and Close.Third, link the deposit to the Bill Credit. Click on the Vendors menu. Select Pay Bills. Check the deposit that matches the Vendor check amount. Select Set Credits and apply the Bill Credit you created earlier then click Done.
Click Pay Selected Bills and Done.You are all set up. You can now reconcile the correct cash flow for this vendor refund.
Just in case you need to record another refund affecting inventory items, please check out this article for more help:.Please don't hesitate to post some more, MR3. Have a great day!
If you want to track credit card spending and balances with QuickBooks, you need to set up a credit card account — if you didn’t already do so in the QuickBooks Setup. (In comparison, you use bank accounts to track things such as the money that flows into and out of a checking, savings, or petty cash account.)
To set up a credit card account, you follow roughly the same steps that you use to set up a bank account:
1Choose Lists→Chart of Accounts.
Or click the Chart of Accounts icon on the Home screen. QuickBooks displays the Chart of Accounts window.
2Click the Account button in the lower-left corner of the Chart of Accounts window and then choose New.
QuickBooks displays the first Add New Account window, which simply displays a list of option buttons corresponding to the different types of accounts QuickBooks allows.
3Select the Credit Card option.
Selecting Credit Card tells QuickBooks that you want to set up a credit card account. Click Continue. QuickBooks displays the second Add New Account window.
4Type a name for the account in the Account Name text box.
Why not do it right? Move the cursor to the Account Name text box and then enter the name of your credit card.
5Type the card number in the Credit Card Acct. No. text box.
If you’re creating a general Credit Card account for more than one card, leave the Credit Card Acct. No. text box empty. While you’re at it, you can describe the card, too. You might want to type Usury! in the Description text box, depending on your card’s interest rate.
6Click the Save & Close button.
QuickBooks redisplays the Chart of Accounts window. Now, the window lists an additional account: the credit card account that you just created.
7To tell QuickBooks that you want to work with a credit card account, you use the Chart of Accounts window. Choose Lists→Chart of Accounts.
After you display the window, double-click the credit card account that you want to use. QuickBooks displays the Credit Card register so that you can begin recording transactions.
As an alternative to the Chart of Accounts window, you can click the Enter Credit Card Charges icon in the Banking area of the Home screen. Or you can also choose Banking→Enter Credit Card Charges.
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