Hi readers,
Here is an example of a situation I had:
- In Credit Card "ABC", I spent $100.00, filed to the Transportation category, to a merchant called "123".
- I received a refund of $50.00 a few days later from the merchant because the goods were defective.
How would I enter that in Quicken? Should I just put it as a Payment to the "ABC" account from "123" in the Transportation category? Please help.
Yes. Post the refund as a deposit and post both transactions to the same account & vendor. Your net charge to you should be $50.
Hi, Sharif.
Did you receive the $50 cash? Or as a credit on your card?
If your card was credited, enter it as a negative purchase in your ABC Credit Card Account, reducing your Transportation Expense. You will owe $50 less to ABC, and it should be reflected as a credit on your next statement.
If it was a cash refund to you, add it to your Cash on Hand or your checking account, just like you would any other cash receipt, again reducing Transportation Expense. No need to post anything to your ABC account. You will still owe the full $100 that was charged on the card. The credit card company won't know or care about the cash refund.
RC
Have something to add? Share your thoughts — no account required.
Ask the community — no account required