Refund Categories

Can quicken categorize refunds?  I want to be able to have refunds apply to the transaction where the item was purchased so that all category spending is accurate. 

Comments

  • John_in_NCJohn_in_NC SuperUser ✭✭✭✭
    edited January 21
    I wouldn't overthink this.

    The refund is simply a transaction to the same category with the an opposite sign for the amount. So, if you buy some clothes for $-25.00, then returning them for a refund would be a transaction for $+25.00
  • RickORickO SuperUser ✭✭✭✭
    edited January 11

    I wouldn't overthink this.

    The refund is simply a transaction to the same category with the an opposite sign for the amount. So, if you buy some clothes for $-25.00, then returning them for a refund would be a transaction for $+25.00

    ...and the net affect on the category "clothes" would be zero.
  • AndrewAndrew Member
    edited January 20

    I wouldn't overthink this.

    The refund is simply a transaction to the same category with the an opposite sign for the amount. So, if you buy some clothes for $-25.00, then returning them for a refund would be a transaction for $+25.00

    And one note from me is that you're original comment " I want to be able to have refunds apply to the transaction" should be thought of as the CATEGORY will have the refund applied to, NOT the original transaction (after all, they're TWO separate transactions, most likely on two different dates).  So if you are looking at reports as you seem to wish, make sure your dates cover both ends of the transaction for the net result of 0.
  • Joyce MalleJoyce Malle Member
    edited January 20

    I wouldn't overthink this.

    The refund is simply a transaction to the same category with the an opposite sign for the amount. So, if you buy some clothes for $-25.00, then returning them for a refund would be a transaction for $+25.00

    Thanks. I neglected to mention that the refunds automatically download
  • RickORickO SuperUser ✭✭✭✭
    edited January 21

    I wouldn't overthink this.

    The refund is simply a transaction to the same category with the an opposite sign for the amount. So, if you buy some clothes for $-25.00, then returning them for a refund would be a transaction for $+25.00

    That doesn't really matter. Quicken may or may not assign the category as the same as the original debit transaction. If it does not, then just change it to that category. Presumably you're not getting refunds every day, so changing one occasionally shouldn't be a big deal.

    One more thing you may want to do is put the a note in the memo with the date of the original charge so you can easily refer to it if needed. I usually put something like "Refund for Hoola Hoop 9/15/2018". There's no need to mention the payee or category in the memo since they are already recorded in the transaction. I usually also go back to the original transaction and add something like "(refunded 10/8/2018)" at the end of the original memo as a cross reference.
  • Tom YoungTom Young SuperUser ✭✭✭✭
    edited January 23
    " I neglected to mention that the refunds automatically download"

    I have a feeling that what you really meant to say is that "downloads automatically enter into the register", which is an entirely different statement. 

    You can set up Quicken so that "downloads" happen automatically on startup.  But unless you tell Quicken that "Automatic entry is: on", then all downloaded transactions will sit in the "Downloaded Transactions" window below the register, awaiting your review and your acceptance.  Having those transactions stop temporarily in the Downloaded Transactions window allows you to review each transaction and make your own determination as to what accounting applies to each transaction.
     
    But if you allow Quicken to automatically enter all transactions into the register as you download them, then Quicken can only guess at the correct accounting, and frequently guesses wrong.

    Best practice is:
    1. Do not allow Quicken to automatically enter transactions in registers
    2. Enter your transactions manually as transactions occur and let a subsequent download "confirm" that transaction as to date, payee and amount.
    This also allows you to catch transactions that you didn't initiate.

    Quicken is a tool to help YOU do your accounting, it's not really a tool to do your accounting for you.  You have to be in the loop.
  • RickORickO SuperUser ✭✭✭✭
    edited January 23
    Tom Young said:

    " I neglected to mention that the refunds automatically download"

    I have a feeling that what you really meant to say is that "downloads automatically enter into the register", which is an entirely different statement. 

    You can set up Quicken so that "downloads" happen automatically on startup.  But unless you tell Quicken that "Automatic entry is: on", then all downloaded transactions will sit in the "Downloaded Transactions" window below the register, awaiting your review and your acceptance.  Having those transactions stop temporarily in the Downloaded Transactions window allows you to review each transaction and make your own determination as to what accounting applies to each transaction.
     
    But if you allow Quicken to automatically enter all transactions into the register as you download them, then Quicken can only guess at the correct accounting, and frequently guesses wrong.

    Best practice is:

    1. Do not allow Quicken to automatically enter transactions in registers
    2. Enter your transactions manually as transactions occur and let a subsequent download "confirm" that transaction as to date, payee and amount.
    This also allows you to catch transactions that you didn't initiate.

    Quicken is a tool to help YOU do your accounting, it's not really a tool to do your accounting for you.  You have to be in the loop.
    Tom, this thread is tagged as Mac, but the OP never actually said which platform. If it is in fact Mac, then a lot of what you said doesn't apply to QMac. I guess we'll have to see if the OP will tell us which platform/version.
  • Joyce MalleJoyce Malle Member
    edited January 22

    I wouldn't overthink this.

    The refund is simply a transaction to the same category with the an opposite sign for the amount. So, if you buy some clothes for $-25.00, then returning them for a refund would be a transaction for $+25.00

    Thank you
  • Tom YoungTom Young SuperUser ✭✭✭✭
    edited January 23
    Tom Young said:

    " I neglected to mention that the refunds automatically download"

    I have a feeling that what you really meant to say is that "downloads automatically enter into the register", which is an entirely different statement. 

    You can set up Quicken so that "downloads" happen automatically on startup.  But unless you tell Quicken that "Automatic entry is: on", then all downloaded transactions will sit in the "Downloaded Transactions" window below the register, awaiting your review and your acceptance.  Having those transactions stop temporarily in the Downloaded Transactions window allows you to review each transaction and make your own determination as to what accounting applies to each transaction.
     
    But if you allow Quicken to automatically enter all transactions into the register as you download them, then Quicken can only guess at the correct accounting, and frequently guesses wrong.

    Best practice is:

    1. Do not allow Quicken to automatically enter transactions in registers
    2. Enter your transactions manually as transactions occur and let a subsequent download "confirm" that transaction as to date, payee and amount.
    This also allows you to catch transactions that you didn't initiate.

    Quicken is a tool to help YOU do your accounting, it's not really a tool to do your accounting for you.  You have to be in the loop.
    Boy, I just can't school myself to look at the OS tag consistently.
This discussion has been closed.