Hi,
I am new to Quickbooks. I processed a refund for an invoice using Credit Memo option. This step created a deposit and payment. The payment and deposit. I am reconciling now and I don't know how to treat the deposit since it does not appear in my bank statement. I need help with respect to this.
Thanks RT
Start over with more specificity. You "processed a refund for an invoice..." Who got the refund and who generated the original invoice? You or your customer? And so on.
By what mechanism was the bank supposed to learn of this transaction? Their statement only reflects things they know about.
I generated an invoice for my customer and received the payment from the customer. I had to refund the customer for the invoice which i have received payment for. As per the quickbooks help i created credit/refund memo which created two entries i.e. one payment and one deposit for the customer. I cut a check to the customer for the amount. But quickbooks created a payment and also a deposit. As per my knowledge quickbooks should only create a payment since i am refunding the customer but why should it create an entry for the deposit?
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