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Refund to expense

melissamelissa Member Posts: 1

There was an article that suggested there was a new category labelled, "Refund to Expense." I can't find it on my current list or the list of "add new" categeories. Any ideas?

in Accounting Technical Support

Comments

  • CharlotteCharlotte Member Posts: 671 admin

    Hi Melissa! Thanks for posting. Are you referring to this article? If so, this refers to a layout that is part of our overall upgrade to our Accounting platform. We're currently in the process of rolling out this upgrade to everyone. You can read more here.

    At present, you can enter a refund as a negative income transaction. Please let me know if you have any questions!

  • ReFreshMyITReFreshMyIT Member Posts: 1

    If we return a purchase, do we need to leave the original expense for the original purchase?
    Example: we purchased a monitor adapter for a computer, but didn't need it. The transaction is expensed for the original purchase. How do we enter the return?

  • AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    Hi, @ReFreshMyIT.

    You have to leave that original expense where it is since you want your transactions page to match your bank statement. To record a refund, create an income transaction for the amount you received and categorize it as "Refund for an expense". Then, choose the same category you used for the original expense.

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