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Accounting For Refunds On Reconciled Accounts

 
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Old 07-25-2010, 03:16 PM   #1
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Accounting For Refunds On Reconciled Accounts


Having problems figuring out what to with refunds to my credit card when I return materials.

If I enter the refund as a "credit" under the "enter bills" tab, and then I go back to the original "bill" that had the item on it and change the bill to unpaid, then go to "pay bills" and apply the credit....

If that bill was on a statement that was already reconciled will the whole period then no longer be reconciled for that account?
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Old 07-25-2010, 08:01 PM   #2
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Re: Accounting For Refunds On Reconciled Accounts


what accounting software are you running? Do you post materials by job, job number or PO?

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Old 07-28-2010, 07:25 PM   #3
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Re: Accounting For Refunds On Reconciled Accounts


Running Quickbooks Pro Contractor 2008.

Post the materials by job.
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Old 07-28-2010, 09:03 PM   #4
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Re: Accounting For Refunds On Reconciled Accounts


This should not be entered under the bills but under the "credit card" listing. Than when you pay you click off which items you are paying, this includes the credits. The bills section is for all other vendors, the credit card ledger keeps you credit card or cards straight and are different. This also helps if you are not paying a credit in full but only a partial payment. Each bill can still be loaded in by job. Hope this helps.
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Old 08-06-2010, 01:55 AM   #5
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Re: Accounting For Refunds On Reconciled Accounts


Why is it so I think there is a problem in your account.
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Old 08-07-2010, 10:29 PM   #6
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Re: Accounting For Refunds On Reconciled Accounts


What Paintlady said is correct. If you have to enter a bunch of credit card charges and credits, you can also do it directly in the register for the credit card. For credits, just enter as a negative number. This is a lot faster than using the "enter credit card charges" window.

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