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A Type 1 refund provides a Refund Receipt to record reimbursements to customers via cash, check, or credit card. This does not affect the customer balance – accounts receivable; only the bank balance. A refund would be needed if, for example, a customer paid for an item but is returning it. Dec 5, 2011 - QuickBooks: Refund – does the word make you wince? Enter the items just as they appear on the invoice. WARNING: If the invoice was paid with a credit card, your instructions will depend on whether you are using Intuit.
NOTE: QBO will not let you put VAT in the VAT column as it will allow tax to be administered via the accounts payable account directly. You should have corrected the VAT as applicable in steps 1 to 5 in the “supplier credit” entry above. So dealing with VAT here in the “accounts payable” section would duplicate the VAT incorrectly. Click the arrow beside Save and New and choose Save and Close.
Click the top menu (+) sign and, choose Expense. Select the vendor whose refund you deposited or they paid direct into your bank.
QuickBooks has a Reconcile utility that can reconcile your company’s credit card account with the card’s paper statement. The Reconcile utility is a part of the Banking menu and opens in its own separate window. Reconciling your credit card account every time you receive a paper statement will help you catch any irregular, incorrect or missed transactions, which can contribute to an inaccurate account balance. Additionally, the program will automatically open the option to pay the bill after you complete the reconciliation process. Enter the date of the credit card statement in the Statement Date field, and then make sure the beginning balance on the credit card statement matches the amount in the program's Beginning Balance field.
If the opening balances don't match, you need to correct the opening balance in the credit card account. Open the 'Lists' menu, and then select 'Chart of Accounts.' Select the credit card account, and then enter the correct opening balance or edit the transactions in the register to correct any inaccuracies.