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How do I record a refund on equipment I purchased then returned?

kakunikakuni Member Posts: 5

I'm confused about how to record refunds I've received from merchants I've purchased business equipment for.

For instance: If I make a purchase for $500 of camera equipment but ended up returning $300 of it (and receiving a refund), what's the best way to record this in my transactions?

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Comments

  • SRPSRP Member Posts: 1

    I have the exact same question!! Photography equipment was purchased and recorded as an asset. Then some of the equipment was returned. When the refunded amount hits the transaction log it shows up as 'income'. The 'refund for expense' option doesn't let you adjust the asset equipment account, and shows the refund as income (which it is not). How should this be handled? Do I choose the asset account "Camera Equipment" or however you have chosen to label it? Thanks!

  • MikegMikeg Member Posts: 995 ✭✭✭

    @kakuni and @SRP,
    You would categorize the deposit the same way you categorized the disbursement. For example, if you categorized a payment to B&H Photo as Camera Equipment (asset) then categorize the refund against the same account.

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